BJP TODAY
May 16--31, 2003 - Vol. 12, No. 10
India's
Export Earnings cross $ 50 Billion Mark
Statement
of Commerce & Industry Minister Arun Jaitley on the occasion of the
release of India's foreign trade data - 2002-03 on 28.04.03
I am happy to announce that India's exports of merchandise goods during 2002-03 is valued at US $ 51.7 billion thereby crossing the crucial milestone of US $ 50 billion mark. With this achievement, which implies a growth rate of 18.05%, we have exceeded the target of 12% fixed for 2002-03. This also implies that India has been able to more than double its exports of merchandise goods in a span of 10 years in dollar terms.
In Rupee terms, the exports of merchandise goods during 2002-03 is valued at Rs 250130 crore compared to Rs. 209018 crore in 2001-02 With a growth rate 19.67%. In fact exports in Rupee terms has more than trebled over the past one decade.
It is important to realise that India has achieved this at a time when the world economy was struggling to revive and even many of the developed countries have found it difficult to achieve growth in their exports. As per the latest WTO report, for the calendar year 2002 India has achieved 15% growth rate in its export of merchandise goods and this growth rate is the second highest (next only to China at 22%) among the 30 leading exporters in world merchandise trade during 2002. With this India's share in world exports in merchandise goods has increased from 0.4% in 1992-93 to 0.7% in 2001 to 0.8% in 2002. If the present trend is maintained we might even reach 1% share in world exports before the target year of 2007.
This is an achievement we should be happy about particularly when the export performance of many other countries has been either negative or in single digit. For example, in 2002, USA's export performance is (5%), Canada (3%), Japan (3%), UK (1%), Hong Kong (5%), Korea (8%), Singapore (3%), Thailand (5%), and Indonesia (0%).
Quick
Estimates of exports of Principal Commodities (2002-03)
The following Principal commodities of India's exports have contributed
to the high export growth during 2002-03 according to the Quick Estimates
of DGCI&S, Kolkata
| Items | Export growth |
| Marine products | 13.1% |
| Gems & Jewellery Basic Chemicals | 18.2% |
| Engineering goods Plastic & Linoleum | 12.8% |
| RMG (Ready-made garments) of all textiles | 6.9% |
| Manmade yarn, fabrics, made-ups etc | 24.7% |
| Cotton yam, fabrics, made-ups etc | 5.7% |
| Iron ore | 112.9% |
| Mica,
coal & other ores |
24.9% |
| Rice | 47.6% |
| Petroleum products | 8.9% |
| Spices | 5.2% |
| Handicrafts | 26% |
| Sector-wise performance (April-January, 2002-03) |
The major sectors of India's exports, which have registered high growth
rate during April-January are as under
| Sectors | % Growth |
| Agri. & allied products | 13 |
| Marine products | 12 |
| Ores & minerals | 59 |
| Gems & jewellery | 22.4 |
| Chemical & related products | 17 |
| Engineering goods | 25 |
| Destination-wise performance (April-January, 2002-03) |
India's exports to major destinations where high export growth rates have been registered during this period are given as under:
|
Destination
|
%
Growth
|
| USA | 29 |
| EU | 15 |
| UAE | 33 |
| Japan | 24 |
| China | 96 |
| Singapore | 59 |
While congratulating the Indian exporting community for their commendable performance in 2002-03, 1 appreciate the efforts taken by the Commerce Secretary and the officers of the Department of Commerce and other agencies involved in the export promotion efforts for their steadfast commitment towards the cause of export promotion. The role played by the Department in formulating schemes and programmes based on assessment of strategic alternatives has facilitated export growth and supplemented the efforts of the exporting community in a large measure.
On the outlook for 2003-04, 1 would like to inform that the Department of Commerce has already initiated the process of consultations with the Export Promotion Councils, Commodity Boards and other agencies concerned with the export promotion efforts of the country. Commerce Secretary will be meeting the Heads of Export Promotion Councils and Commodity Boards on 6th May 2003 in New Delhi wherein the perceptions of the Export Promotion Bodies would be elicited and an Action plan chalked out for the next year. I once again congratulate all those who are involved in the export promotion activity for the robust performance of exports in 2002-03. In line with the road map laid down in the Medium Term Export Strategy, the Exim policy for 2003-04 announced this April contains fresh incentives for service exports besides initiatives on Agri Export Zones, operationalisation of Special Economic Zones (SEZs) etc., as well as territorial initiatives like the launching of "Focus -CIS" programme.
I had referred to the continuously changing and dynamic situation in world trade when this years Exim Policy was announced. As assured while releasing the Policy, we shall keep a close watch on the global trade situation, try to anticipate to the best of our ability how the market will behave and adopt corrective measures quickly.