India’s exports surge across many products and destinations
India’s merchandise exports surged to record levels across all major commodity groups and destinations during 2005-06 and the trend is continuing during the current year (April-June 2006).
Exports are estimated to have reached a record figure of US $ 102.7 billion during the financial year 2005-06.
The commodities which witnessed very high growth cutting across diverse sectors and destinations during 2005-06 were project goods (79%); petroleum products (64%); transport equipment (61%); engineering goods as a group (24.61%); basic chemicals, pharmaceuticals & cosmetics (25%) -- chemicals and related products as a group showed a growth of over 17%; coffee (49%); oil meals (54%); processed food (22%); carpets (30%); raw cotton (570%); textiles as a group (over 17%); and spices (over 19%). Exports of agricultural & allied products as a group increased by over 17%.
India’s top 10 export destinations based on their percentage share of India’s total merchandise exports during 2005-06 were (1) USA (with a share of 16.75%); (2) United Arab Emirates (UAE) – 8.36%; (3) People’s Republic of China (6.54%); (4) Singapore (5.42%); (5) the United Kingdom (UK) – 5.01%; (6) Hong Kong (4.34%); (7) Germany (3.42%); (8) Belgium (2.78%); (9) Luxembourg and Japan (share of 2.39% each); and (10) Republic of Korea (share of 1.77%).
The export and employment figures indicate that new policy initiatives by the government in the foreign trade sector are providing to be effective in meeting the objectives of the Foreign Trade Policy announced by Shri Kamal Nath, Minister of Commerce & Industry. Thus, exports grew at the rate of 23% and crossed 100 billion dollar during 2005-06 and are expected to cross $ 120 billion by the end of 2006-07. On the employment front, according to the RIS study on employment, an additional 21 million jobs are expected to be created between 2004-05 and 2009-10 as a result of export growth.
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