Export of agricultural, allied products grows 40%, pips traditional goods

Agricultural and allied products, chemicals and related products have posted strong growth in exports during the first seven months of the current fiscal piping traditional goods, including engineering, petroleum products and gems and jewellery, according to the data collected by the Director General of Commercial Statistics and Intelligence,

According to foreign trade performance analysis, agricultural and allied products, which had a share of 11.43 per cent in the total export basket, grew by as much as 40 per cent during April-October 2012 to stand at $18.86 billion while chemicals and related products, with a share of 14.51 per cent in the total export basket grew 6.33 per cent and stood at $23.93 billion during the seven month period.

Goods traditionally occupying the largest share in the export basket including engineering goods, petroleum products and gems and jewellery saw a decline in exports during the period. Engineering goods export with a share of over 19 per cent in the basket dipped 7.73 per cent and stood at $32.04 billion during the month compared to $34.73 billion during the corresponding period a year ago.

Similarly, petroleum products export having a share of more than 18 per cent declined 9.22 per cent at $25.56 billion against $28.27 billion during a year-ago period.

The government is likely to come with export sops soon to help exporters tide the slowdown in the world economy. Due to a moderation in global demand and with traditional markets like the EU and the US facing economic crisis, Indian exporters have been badly hit this fiscal. Earlier, while releasing the trade data, commerce secretary SR Rao had said that the government will soon come out with sops to help exporters. The government had already in June extended come benefits for exporters to support them. However, November data showed that the exports continue to decline with the world economy showing hardly any improvement.

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