PERFORMANCE OF INDIAN EXPORT IN GLOBALIZED ERA · PERFORMANCE OF INDIAN EXPORT IN GLOBALIZED ERA Sanjeev Kumar Singh ... transaction Cost, ... 2 Cofee, Tea, cocoa, spices

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PERFORMANCE OF INDIAN EXPORT IN

GLOBALIZED ERA

Sanjeev Kumar Singh

M.Com, PGDIBO, JRF Awarded

ABSTRACT

Indian economy was in deep hole by 1985. Since Independence India’s economy continued to grapple with the

failing financial situations making progress at a slow pace. Foreign trade of India suffered from strict

bureaucratic and discretionary controls but the major trade policy changes post 1991 period resulted in

simplification of procedure, shift towards market determined exchange rate, removal of quantitative restrictions,

liberal inflow of private capital, sustained reduction in traffic rates, etc. Some of the policies covered in this

paper are EXIM Policy, Foreign trade Policy. This paper analyzes the export performance of India’s post

reforms, considering various policy changes and its impact on India’s share in world exports by commodity

division and group. These policies succeeded in unlocking India’s enormous growth potential but the pace of

development continued to be sluggish.

Keywords: Compositional Shift and Competitiveness, Exemption and Remission Scheme, EXIM

Policy, Export Competitiveness and Foreign Trade Policy.

I. INTRODUCTION

Foreign trade is considered as a catalyst agent for sustaining and accelerating economy’s growth. The world’s

economy has changed rapidly in horizontal as well as vertical spectrum. The changes in world economy made it

clear that an isolated, separated or completely cutoff nation can’t survive. The recent explosion of technology

has generated new ways of dynamism and turned the entire world into a global village. This process of

economic integration and growing economic independence among the nations of the world is widely known as

globalization. International trade mitigates the disadvantages of disproportionate geographical distribution of

productive resources. International trade decidedly increases the exchangeable value of possession, means of

enjoyment and wealth of the countries concerned.

II. WORLD TRADE ORGANIZATION

WTO’s creation in 1995 marked the biggest reform of international trade since 1948 and has been a welcome

step in establishing a prosperous multilateral trading system. The basic objectives of WTO are to help trade flow

as freely as possible, achieve further liberalization gradually through negotiations and set up an impartial means

of settling disputes.

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III. VARIOUS POLICIES UNDER TAKEN POST REFORMS

EXIM Policy (1992-97) undertook steps like office of director general of Foreign trade is responsible for

formulation and execution of Foreign trade Policy, Dismantling various protectionist and regulatory policies,

accelerating India’s transition towards a globally oriented economy, Substantial concession were removed to

boost agricultural exports, government announce scheme to set up industrial park in different state. EXIM

Policy (1997-02) undertook steps like carrying forward the process of liberalization by deregulating and

simplifying procedure, removing quantitative restriction in phased manner. EXIM Policy (2002-07) undertook

steps like policy entailed several institutional, infrastructural and fiscal measure intended to promote exports,

emphasized exports market diversification with special focus on unexploited regime like sub Saharan Africa and

the CIS, stressed on Farm to port approach for exports of Agricultural product, special thrust on cottage sectors

and handicrafts, beefed up assistance to state for infrastructural Development for Export (ASIDE).

Foreign Trade Policy (2009 -2014) announced in 2009 in backdrop of economic turmoil of 2008. Foreign

trade policy (FTP) set out goal of doubling India’s exports of goods and services by 2014, with long term

objective of doubling India’s share in global trade by the end of 2020 through appropriate policy support. Major

trade policy changes in the post 1991 period are simplification of procedure, removal of quantitative restriction,

substantial reduction in tariff rates, remarkable growth in the export of invisible to the rest of the world,

unprecedented growth in information and communication related services like computer software, hardware,

internet, e- commerce and telecommunication center. This has enabled the integration of Indian economy with

the rest of the world. Growth rate of India trade is completely dependent on exogenous factors such as world

trade growth, international price changes and developments in the competitor countries. Cross currency

exchange rates and dollar rupee exchange rate movement get reflected in the performance of India’s trade.

Commenting on India’s merchandise trade, Economic survey 2013-14 observed, “India’s merchandise trade

has been growing in importance over the years with the share in world exports and imports increasing, though

gradually, from 0.7% and 0.8% respectively in 2000 to 1.7% an 2.5% respectively in 2013.India’sranking in top

merchandise exporters and importers in the world has also improved from 31st in 2000 to 19

th in 2013 in exports

and from 26th

to 12th

for imports in the same year, as per the World trade Organization (WTO). There has also

been marked improvement in India’s total merchandise trade to GDP ratio from 21.8% in 2000-01 to 44.1 % in

2013-14”.

IV. COMPOSITION AND DESTINATION OF INDIA EXPORT

Although the opening of Indian economy since the early 1990s provided the impetus for higher growth for most

export commodities but some product’s gained more than the others. Export products like Petroleum product

and pharmaceutical gained both in terms of growth rate and share of export basket. On the other hand product’s

like cotton, leather, tea and readymade garments that lost out in term of export share. While software exports is

well known success story, India is now an important venue for many task in services such as financial

accounting, call centre, processing insurance, and medical transcription. The future potential for growth in these

areas appears to be considerable. The changing structure of India’s export highlights both demand pattern and

supply factors that are increasingly influencing India’s export and its production structure, institution and

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policies are responding to it. The nature and extent of the exports performance, however, need to be assessed not

only by India’s share in global exports but also with regards to its structural pattern.

V. COMPOSITIONAL SHIFT AND COMPETITIVENESS

India’s merchandise exports are predominated by manufacturing sector which accounted for more than three-

fourth of its total exports during the 1990s. There has, however, been considerable re-orientation of relative

importance of products within the manufacturing sectors. The main drivers within the manufactured products

groups were chemicals and light products, engineering goods, readymade garments, textile yarn, Fabrics and

Gems and Jewellery. The importance of primary product in the export basket has witnessed a steady decline

since 1990 whereas petroleum exports have shown a dramatic rise during the period The products with

maximum presence in international market in terms of exports share are spices, marine products, precious and

semi-precious stone and textiles. Recent trend however show that India’s export are now shifted towards higher

technology intensive manufactures. The composition of India’s exports by major commodities group year-wise

detail listed in ANNEXURE - I. Further India’s share in world exports by commodity division and Group and

its comparative year-wise are listed in ANNEXURE –II. Export competitiveness of a country is determined

by the factors like favorable endowment base in the economy, transaction Cost, better quality of commodity

produced, remuneration of factors of production, exchange rate, productivity through the use of better technical

skills and human resource development, economies of scale and Institutional and policy mechanisms.

VI. DESTINATION OF EXPORTS

Prior to independence, India’s trade relation were confined to Britain and other commonwealth countries. Over

the last 60 years, series of change have taken place in India’s direction of exports and sources of imports. Asia,

USA, Africa, Europe, Latin America and Middle East countries have emerged as major trading partners of

India. Details of share of major exports in 2015, share of exports region-wise in 2015 and Direction of exports

were listed in ANNEXURE III.

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Sources: Compiled from Economic Survey 2015-16

VII. EXPORTS TRADING PARTNERS – 2015

In today’s scenario India has export trading partners like USA, UAE, Hon Kong, China where India is exporting

more than 11000 US$ million in a year. Export to USA and UAE has increased by 8.4% and 8.2% in 2015 as

compared to last year. Export to Sri Lanka and Malaysia has also increased significantly by 47.8% and 38.6% in

2015 as compared to 2014. However declining trend has been seen in the countries like China, Netherland,

Belgium and Japan by 19.6%, 20.9% , 13.4% and 21% respectively in 2015 as compare last year. On the other

hand it failed to claim a large market share in any import Country.

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Top15: Exports Trading Partners - 2015 (US$ million)

S.No. Countries 2013-14 2014-15 Share % % Change

1 U S A 39,158 42,464 13.7 8.40

2 UAE 30520 33028 10.6 8.20

3 Hong Kong 12732 13600 4.4 6.80

4 China 14867 11957 3.9 -19.60

5 Saudi Arab 12219 11163 3.6 -8.60

6 UK 9,822 9,354 3 -4.80

7 Germany 7,523 7,540 2.4 0.20

8 Sri Lanka 4534 6704 2.2 47.80

9 Bangladesh 6167 6451 2.1 4.60

10 Netherland 7,998 6,327 2 -20.90

11 Vietnam Soc republic 5442 6258 2 15.00

12 Brazil 5,552 5,964 1.9 7.40

13 Malaysia 4198 5817 1.9 38.60

14 Belgium 6,377 5,520 1.8 -13.40

15 Japan 6814 5386 1.7 -21.00


VIII. INDIA’S SHARE IN WORLD EXPORTS BY COMMODITY DIVISION AND GROUP

Commodity division and group were analyzed on the basis of India’s share in world exports since 1990 and it

reflect that 3 commodities had highest share and were in top 5 during 1990 is still continued in 2014. Further

Woven cotton Fabrics in 2000 with 4.9 %, Textile yarn Fabrics, made up article in 2005 with 4%, Iron Ores and

Concentrates in 2010 with 5.8% and Cereal and cereal preparations in 2014 with 8.1% were the emerging sector.

Details of India’s share in world exports by commodity division and group-wise since 1990 are listed in.

ANNEXURE – IV

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IX. IMPACT OF VARIOUS POLICIES OVER THE PERIOD ON INDIA’S SHARE IN WORLD

EXPORTS BY COMMODITY DIVISION AND GROUP

There were various policies undertaken during the period which had its impact on India’s share in world exports by

a commodity division and group. On the basis of above study the impact of various policies undertaken by the

government to promote the exports are listed in Table - A.

Table: A India’s Share In World Exports By Commodity Division And Group

S.No. Commodity Division / group 1990

(A)

2000

(B)

2005

(C)

2010

(D)

2014

(E)

Change

(E-A)

Results

1 Fish, crustaceans and molluscs & preparation 1.6 2.7 2.2 2.4 4 2.4 INCREASE

2 Cofee, Tea, cocoa, spices and manufactures 4.0 3.4 2.3 2.8 3 -1.0 DECREASE

3 Tea and mate 22.1 14 9.4 10 7.7 -14.4 DECREASE

4 Metal liferous ores and metal scrap 2.1 1 3.9 2.8 0.7 -1.4 DECREASE

5 Iron Ores and Concentrates 7.6 3.9 13.8 5.8 0.7 -6.9 DECREASE

6 Organic Chemicals 0.3 1.1 2.1 2.3 2.8 2.5 INCREASE

7 Leather, Leather manufacturer & dressed fur

skins

6.3 3.3 3.1 3.2 4.7 -1.6 DECREASE

8 Textile yarn Fabrics, made up article 2.1 3.6 4 4.9 5.7 3.6 INCREASE

9 Woven cotton Fabrics 3.7 4.9 3 3.7 5.8 2.1 INCREASE

10 Pearls, Precious and semi - precious stones 9.8 12 13 17.4 14.7 4.9 INCREASE

11 Iron and steel 0.3 1 1.6 2.5 2.5 2.2 INCREASE

12 Manufactures of Metals 0.5 0.9 1.3 1.4 2 1.5 INCREASE

13 Articles of apparel and clothing accessories 2.3 3.5 3.2 3 3.5 1.2 INCREASE

14 Electrical machinery, apparatus and

appliances

0.1 0 0.2 0.4 0.4 0.3 INCREASE

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15 Road vehicle ( including air cushion

Vehicles)

0.1 0.1 0.3 0.8 1 0.9 INCREASE

16 Other Transport Equipment 0.0 0 0.5 1.7 3 3.0 INCREASE

17 Cereal and cereal preparations 0.6 1.5 2.4 3.3 8.1 7.5 INCREASE

18 Rice 6.4 10.2 14.3 11.3 30.4 24.0 INCREASE


9.1 Commodity Division - Tea

A considerable decline of 14.4 % in export of Tea and mate can be observed from 1990 to 2014. In 1990 India’s

share in world exports was 22% whereas in 2014 it reduced to 7.7%. Reason for the India’s export contraction is

slackening of demand from two markets – Egypt and Iran. India’s main export Market, mainly US, Europe and

Asian countries are going through slow revival of slowdown in GDP growth rate. The growing input costs including

wages (constituting 60% of cost of production), electricity and fertilizer which are hurting long term sustainability

of the industry. Further in case of Tea, the initial stages in value chain analysis like green leaf production and

primary processing activities were carried out in India while activities which are more profitable like value addition

activities were undertaken by buyer countries. In order to have effective and efficient pricing of commodity, the

small Tea grower are well integrated with national and international value chain to keep the price competitive. It is

important to analyze the dynamics of price formation in international market. Over 30 Tea estate in west Bengal

had shut down or had been abandoned by their owner while some of the major corporate players had gone bankrupt.

Further Weather condition were playing havoc with tea plantation which rose cost and declined yield at auction hurt

the industry finance.


9.2 Commodity Division - Iron Ores and Concentrates

A considerable decline of 6.9% in export of Iron ore and concentrates has been observed from 1990 to 2014. In

1990 India’s share in world exports was 7.6% whereas in 2014 it reduced to 0.7%. Planning Commission observed

that present proven reserve of iron ore in the country may not be sufficient to meet the requirement of iron ore for

the domestic iron and steel industry beyond next 25 years. The reasons identified were follows: (1) 28.53 billion

tonnes of iron ore resources in the country, most of magnetite resources (about 37%) of the total reserves were not

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available for mining due to prohibition imposed by Hon’ble Supreme Court in western Ghats and similar other

sensitive environmental zones. (2) Further export duty had been hiked to 30% ad-valorem from 30.12.2011 on

export of iron ore excluding pellets, to discourage the iron ore export from the country.

9.3 Commodity Division - Rice

A rising trend of 24% in export of Rice had been observed from 1990 to 2014. In 1990 India’s share in world

exports was 6.4% whereas in 2014 it roses to 30.4%. In that phase rice emerged as an important component in

India’s export basket.


X. FOREIGN TRADE POLICY (2015-2020)

Foreign trade policy is a set of guideline or instruction issued by the central government in matters related to

import and export of goods in India viz. foreign trade. Export and import goods are broadly categorized as free,

restricted and prohibited. Exports are promoted through various promotional schemes are as follows:

a. Duty exemption scheme like Advance authorization and Duty free Import Authorization scheme.

b. Duty Remission scheme like Duty drawback and Duty remission scheme under central excise law.

c. Reward scheme are the scheme which entitle the exporter to duty credit scrips subject to various condition.

These scrips are transferable and can be used for payment of custom duties on imports of various inputs/ goods

including notified capital goods, payment of excise duties on domestic procurement of inputs/ goods including

capital goods, payment of service tax on procurement of Services. It includes two scheme for export of

merchandise and services i.e. Merchandise exports from India scheme (MEIS) and Service export from India

scheme (SEIS). Further status holder have given privileges in foreign trade policy like fixation of input output

norms on priority i.e. 60 days, exemption from compulsory negotiation of documents through banks, exemption

from furnishing of Bank guarantee in scheme, Two star export houses and above are permitted to establish export

warehouses, Three Star and above export house shall entitled to get benefit of Accredited Clients Programme

(ACP) etc.

d. Export promotion capital goods scheme (EPCG)

Foreign trade policy describes the market and product strategy envisaged and the measure required not just for

export promotion but also for the enhancement of the entire trade eco system. Foreign trade policy (FTP) provides

a stable and sustainable policy environment for foreign trade in merchandise and services. It details procedure and

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incentive for export and import with other incentive such as Make in India, Digital India and skill India to create

an export promotion mission. It provides a mechanism for regular appraisal in order to rationalize imports and

reduce trade imbalance.

XI. CONCLUSION

India’s import and export figures reflected subdued economic scenario both globally and within the country since

reforms. The service sector had registered the remarkable growth and contributed significantly to India’s GDP, the

manufacturing sector though at gradual pace, grew but failed to claim a large market share in any export product

category in the world. It does not have a prominent position in any product’s export or any market. The core of

market strategy based on changing dynamics of growth in the world economy is to retain presence of the market

share in “Old developed country markets”, move up the value chain in providing products in these old developed

country markets, and open up new vistas, both in terms of markets and new products, in these new markets. India

would have to focus on markets in Asia (including ASEAN), Europe, America, and Africa. It must establish new

beachheads and strengthen its presence in newly opened up markets. Further it should aim to deepen engagement

in the older markets by increasing volumes, targeting increased share for exports in the import baskets of large

importers of export products, and diversifying the product basket of exports. India needs to identify those

commodities where it has competitive advantage, huge demand of product and it need to identify new markets for

the existing commodity division. Further there is need to promote the Small Scale Industries which helps in

reducing labour cost, providing employment at native place and these Small scale industries need to get integrated

with export houses in national and international supply chain. Developing countries like India should ensure

greater participation in the process of globalization and enhance their exports by building up domestic saving and

put them into productive use, sound economic management and macro-economic balances, reducing fiscal deficit,

Good governance at national and state level to build confidence among investors, transparency has to be

established in functioning of both government and business units and Open market economies require effective

regulatory authorities.

REFERENCES

[1]. Prema Chandra Athukorala (2008) : Export performance in the reform era: Has India regained the lost

ground? ASARC working paper 2008/03

[2]. C. Veeramani (2012) : Competitive structure of plantation commodity exports: India’s tea and coffee

exports in a comparative perspective, NRPPD Discussion Paper

[3]. Dr. H.A.C. Prasad, Dr. R. Sathish, Salam Shyamsunder Singh ( 2014 ): “ India’s merchandise exports:

some important issues and policy suggestions” working paper no. 3/2014-DEA

[4]. Yasheng Huang and Tarun Khanna (2003): Can India overtake China?

[5]. Arvind Panagariy (2006) : Transforming India

[6]. Kishor Sharma, Charles Sturt (2000) :Export Growth in India: Has FDI played a Role?, Center Discussion

paper No. 816

[7]. Prema-Chandra Athukorala (2013) : How India fits into global production sharing: Experience, prospects

and policy options, working paper no. 2013/13

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[8]. Mahua Paul (2014) :Import intensity and its impact on exports, output and employment, working paper

167

[9]. Nilanjan Banik (2001) : An analysis of India’s exports during the 1990s

[10]. Mineral policy issues in the context of export and domestic use of iron ore in India, working paper no. 207

[11]. Standing Committee on Coal and Steel (2012-2013) : Review of export of Iron ore policy, Ministry of

Steel

[12]. Shameek Mukherjee and Shahana Mukherjee (2012) : Overview of India’s Export performance : Trend

and drivers.

[13]. Economic Survey 2015-16



[16]. Reserve Bank Of India – Handbook of Statistics on Indian Economy.

ANNEXURE - I

PRINCIPAL EXPORTS

1960-61 1970-71 1980-81 1990-

91

2000-

01

2010-11 2014-

15

I. Agricultural and allied

products of which

596 644 2601 3521 6256 24448 39357

I. 1 Coffee 15 33 271 141 259 662 813

I. 2 Tea and mate 260 196 538 596 433 736 682

I. 3 Oil cakes 29 73 158 339 448 2438 1329

I. 4 Tobacco 34 43 178 147 191 875 960

I. 5 Cashew kernels 40 76 177 249 412 627 919

I. 6 Spices 36 51 14 133 354 1768 2428

I. 7 Sugar and molasses 60 39 50 21 112 1246 903

I. 8 Raw cotton 25 19 209 471 49 2910 1904

I. 9 Rice ... 7 283 257 644 2545 7855

I. 10 Fish and Fish preparation 10 40 274 535 1394 2623 5510

I. 11 Meat and meat preparations 2 4 70 78 322 1971 4927

I. 12 Fruits, vegetables and pulses

(excl.cashew kernels, processed

fruits and Juices)

13 16 101 120 352 1397 1479

I. 13 Miscellaneous processed foods

(incl. processed fruits and juices)

2 6 45 119 239 806 2132

II. Ores and minerals (excl. coal)

of which

109 217 523 834 906 8581 4680

II.1 Mica ... 21 22 19 14 42 56

II.2 Iron ore (million tonne) 36 155 384 585 358 4715 525

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III. Manufactured goods of which 610 1021 4738 13229 35181 173263 207087

III. 1 Textile fabrics & manufactures

(exclusive carpets hand made) of

which

153 192 1179 3807 ... … 6944

III.1.1 Cotton yarn, fabrics, made-ups

etc.

136 188 516 1170 3509 2910 9458

III.1.2 Readymade garments of all

textile materials

2 39 696 2236 5577 11614 16836

III. 2 Coir yarn and manufactures 13 17 22 27 48 159 285

III. 3 Jute manufacture incl. twist &

Yarn

283 252 417 166 204 459 367

III. 4 Leather and Leather

manufactures incl. leather

footwear, leather travel goods &

leather garments.

59 106 493 1449 1951 3909 6191

III. 5 Handicrafts (incl. carpets hand-

made) of which:

23 96 1204 3437 1116 1293 2736

III.

5.1

Gems and jewellery 2 59 782 2924 7384 40509 41248

III. 6 Chemicals and allied productsa 15 39 284 1176 5002 28905 37335

III. 7 Machinery, Transport & Metal

manufactures including iron and

steelb

46 261 1045 2158 6976 49815 70959

IV. Mineral fuels and lubricants

(incl. coal)d

15 17 35 528 1931 42280 57405

Total Exports 1346 2031 8486 18143 44076 251136 310147


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ANNEXURE – II

INDIA’S SHARE IN WORLD EXPORTS BY COMMODITY DIVISION AND YEAR-WISE

S.No. Commodity Division / group 1990 2000 2005 2010 2014

Worl

d

Indi

a

Sha

re%

Worl

d

Indi

a

Sha

re%

Worl

d

India Sha

re%

World India Sha

re%

World India Share

%

1 Fish, crustaceans and molluscs & preparation 32847 521 1.6 50875 1391 2.7 71559 1590 2.2 101800 2403 2.4 138625 5500 4

2 Cofee, Tea, cocoa,spices and manufactures 21131 842 4.0 27953 956 3.4 44914 1042 2.3 80700 2233 2.8 106169 3238 3

3 Tea and mate 2650 585 22.1 3087 431 14 4159 393 9.4 7200 720 10 8974 694 7.7

4 Metal liferous ores and metal scrap 35734 753 2.1 49515 510 1 12460

4

4899 3.9 299000 8475 2.8 319688 2217 0.7

5 Iron Ores and Concentrates 7653 578 7.6 9229 363 3.9 27673 3816 13.8 105200 6147 5.8 116952 874 0.7

6 Organic Chemicals 70721 232 0.3 13410

9

1491 1.1 21758

4

4536 2.1 335000 7735 2.3 391169 10967 2.8

7 Leather, Leather manufacturer & dressed fur skins 13226 832 6.3 24440 808 3.3 25347 773 3.1 28200 915 3.2 34298 1603 4.7

8 Textile yarn Fabrics, made up article 10514

7

2180 2.1 16752

8

6000 3.6 21361

9

8462 4 259700 12833 4.9 319654 18266 5.7

9 Woven cotton Fabrics 15559 571 3.7 22387 1103 4.9 28814 861 3 28600 1050 3.7 32097 1861 5.8

10 Pearls, Precious and semi - precious stones 27577 2710 9.8 54105 6477 12 91907 11929 13 129500 22589 17.4 165789 24402 14.7

11 Iron and steel 10634

2

283 0.3 14614

7

1481 1 31297

5

4959 1.6 416400 10612 2.5 466215 11540 2.5

12 Manufactures of Metals 66088 341 0.5 12525

9

1167 0.9 21540

2

2774 1.3 301800 4169 1.4 400701 7953 2

13 Articles of apparel and clothing accesories 94577 2211 2.3 20137

9

7093 3.5 28684

0

9212 3.2 372000 11229 3 497923 17650 3.5

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14 Electrical machinery, apparatus and appliances 18536

4

241 0.1 64057

4

92 0 85208

8

2126 0.2 124010

0

5522 0.4 149831

6

6218 0.4

15 Road vechile ( including air cushion Vechiles) 31255

0

344 0.1 54959

6

370 0.1 89673

3

3088 0.3 106350

0

8746 0.8 136921

0

13519 1

16 Other Transport Equipment 96250 15 0.0 15765

4

53 0 21431

1

1023 0.5 333500 5804 1.7 373998 11405 3

17 Cereal and cereal preparations 45314 285 0.6 53575 783 1.5 72416 1753 2.4 94300 3136 3.3 130099 10598 8.1

18 Rice 3995 254 6.4 6411 654 10.2 9841 1411 14.3 20300 2296 11.3 25973 7906 30.4


Note: Highlighted were in top 10 of that concerned year

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Annexure - III

Share and Percentage Change of Major Exports

Commodity Group Percentage share Percentage change

2013-14 2014-15 2013-14 2014-15

Agriculture & allied 13.7 12.7 5.2 -8.7

Ores and Minerals 1.8 1.5 1.6 -18.8

Manufactured goods 63.5 66.7 5.7 3.7

Crude & Petroleum Products (incl. Coal) 20.6 18.5 4.7 -11.4

Other & unclassified items 0.5 0.5 -49 7.2


Direction of Export: Region-Wise

(US$ million)

Region 2013-14 2014-15 Change in % Share (%)

Europe 58,326 56,304 -3.5 18.1

Africa 31,226 32,842 5.2 10.6

America 54,215 59,050 8.9 19

Asia 155426 153,812 -1 49.6

CIS & Baltics 3,492 3,396 -2.7 1.1

Unspecified Region 11,720 4,935 -57.9 1.6


Annexure –IV

Exports, Imports and Trade Balance

(US$ million)

Year Exports

(including re-

exports)

Imports Trade

Balance

Rate of Change

Export (per cent) Import (per cent)

1991-92 17865 19411 -1546 -1.5 -19.4

1992-93 18537 21882 -3345 3.8 12.7

1993-94 22238 23306 -1068 20 6.5

1994-95 26330 28654 -2324 18.4 22.9

1995-96 31797 36678 -4881 20.8 28

1996-97 33470 39133 -5663 5.3 6.7

1997-98 35006 41484 -6478 4.6 6

1998-99 33218 42389 -9171 -5.1 2.2

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1999-00 36715 49738 -13023 10.5 17.3

2000-01 44076 49975 -5899 20 0.5

2001-02 43827 51413 -7587 -0.6 2.9

2002-03 52719 61412 -8693 20.3 19.4

2003-04 63843 78149 -14307 21.1 27.3

2004-05 83536 111517 -27981 30.8 42.7

2005-06 103091 149166 -46075 23.4 33.8

2006-07 126414 185735 -59321 22.6 24.5

2007-08 163132 251654 -88522 29 35.5

2008-09 185295 303696 -118401 13.6 20.7

2009-10 178751 288373 -109621 -3.5 -5

2010-11 251136 369769 -118633 40.5 28.2

2011-12 305964 489319 -183356 21.8 32.3

2012-13 300401 490737 -190336 -1.8 0.3

2013-14 314405 450200 -135794 4.7 -8.3

2014-15 310338 448033 -137695 -1.3 -0.5


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PERFORMANCE OF INDIAN EXPORT IN GLOBALIZED ERA · PERFORMANCE OF INDIAN EXPORT IN GLOBALIZED ERA Sanjeev Kumar Singh ... transaction Cost, ... 2 Cofee, Tea, cocoa, spices