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India’s merchandise exports have been about US $ 70 billion during eleven months of this fiscal year (April 2004 to February 2005), with clear signs of the surge in the country’s exports continuing with a record growth of over 27% in US dollar terms during the period April-February. Indicating this, Shri Kamal Nath, Union Minister of Commerce & Industry, has said that “more than exchange rate variations, the significant increase in exports during the current financial year has been on account of the growing competitiveness of the Indian manufacturing sector and the vigorous export-led growth strategy followed by the government for doubling India’s share in global merchandise trade in the next five years”.
In February 2005 alone, exports are valued at US $ 6.7 billion.
The average annual growth of exports during the five-year period 1999-2004 has been 14.68%.
Top 10 products of India’s exports along with their percentage share in total exports given in brackets based on 2003-04 data are as follows: textiles (18.86%); gems & jewellery (16.56%); engineering goods (16.41%); chemicals & related products (15.43%); agri & allied products (8.39%); petroleum products (5.5%); ores & minerals (3.69%); leather & manufactures (2.74%); and marine products (2.08%).
SB/MRS
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