This, among other things, according to the commerce ministry's latest country-wise analysis of exports and imports, has been largely responsible for the deceleration in export growth during April-September 1998. Exports dropped by 2.89 per cent to $16,269.74 million from $16,754.78 million in the above period.

Perhaps the only silver lining in the otherwise depressing scenario is that exports to the US, a major trading partner, increased by 8.69 per cent, from $3,902 million to $4,241.81 million. The analysis shows that exports to the European Common Market countries declined by 4.71 per cent, from $4,246.12 million to $4,046.06 million. The West European region which also includes EFTA countries and the rest of Europe accounts for less thanone-third of India's total exports. Exports to the UK decelerated by 18.49 per cent and to Germany by 10.60 per cent. The analysis reveals that exports to all the countries in the Escap region excluding Bangladesh was down by 15.69 per cent, from $6,442.02 million to $5,414.72 million. Among the countries in the region, exports to Indonesia declined by 77.25 per cent, to South Korea by 59.65 per cent, to Malaysia by 45.02 per cent, to Singapore by 43.69 per cent, to Nepal by 31.93 per cent, to China by 24.72 per cent, to Japan by 17.74 per cent, to Hong Kong by 14.44 per cent to Australia by 11.39 per cent and to Sri Lanka by 6.28 per cent.

The negative growth is attributed to the continuing economic crisis facing the region for the past few months. Exports to Russia fell by 10.97 per cent, from $407.24 million to $362.56 million again due to the currency meltdown. The analysis notes that exports to three African countries --Egypt, Nigeria and South Africa -- also decelerated. The decline was 11.39 per centin the case of Nigeria and 6.40 per cent in the case of South Africa.

With respect to other countries in the Asia and Oceania region, exports to UAE increased by 23.46 per cent, to Israel by 184.06 per cent and to Saudi Arabia by 14.68 per cent.