India’s exports, for the first time, crossed $51 billion mark in 2002-03, increasing the possibility of achieving the 1 per cent share of the global trade much ahead of the targeted year 2007. Valued at $51.7 billion, India’s exports during the fiscal year 2002-03 have grown by 18.5 per cent, higher than the level of $43.7 billion exports achieved during the fiscal 2001-02. While releasing the trade figures for the year 2002-03, Commerce and Industry Minister Arun Jaitley said that “despite sluggish growth rate in the global market, consequences of 9/11, war clouds in the last quarter and strengthening of Rupee, India has achieved 18.5 per cent growth rate.” According to the trade data, India’s exports during the month of March 2003 are valued at $4.7 billion which is 15.28 per cent higher than the level of $4.14 billion exports achieved during the month of March 2002. Against 18.5 per cent growth rate in exports, India’s imports during the fiscal 2002-03 have increased by 17.3 per cent at $59.38 billion over the level of imports valued at $50.74 billion in the last fiscal of 2001-02. The trade deficit, however, worsened to $7.6 billion in 2002-03 as compared to $6.9 billion in the previous year, mainly on account of high oil import bill. The country’s oil imports amounted to 17.7 billion dollar in 2002-03 as compared to 14.01 billion in the previous year. Citing the 18.05 per cent rise in exports, Jaitley said, with this India’s share in world exports in merchandise goods has increased from 0.4 per cent in 1992-93 to 0.7 per cent in 2001-02 and 0.8 per cent in 2003. “If the present trend is maintained, we might even reach one per cent share in world exports much before the target year of 2007,” he said. On the impact of SARS on the exports, Jaitley said it was too early to assess it. While it might help to a certain extent to capture some of the markets, it would also hit the country’s exports with the shrinkage of domestic markets in some of the importing countries. Jaitley said US’ exports dipped by 5 per cent and Canada by 3 per cent, while Indonesia recorded 0 per cent, UK posted 1 per cent and Japan and Singapore 3 per cent each. India achieved maximum 96 per cent export growth to China followed by Singapore (59%), UAE (33%), US (29%), Japan (24%) and EU (15%). Among the major imports other than oil, edible oils accounted for $1.7 billion, coal and coke $1.2 billion, pearls and precious stones ($5.9 billion), gold and capital goods ($4.1 billion each), organic and inorganic chemicals ($2.9 billion) and transport equipment ($1.1 billion).
