The analysis notes that the recovery of the Asian economies hit by the recent currency meltdown is reflected in the sharp increase in India's exports to most countries of the region in 1999-2000, baring Japan, which continues to reel under a severe demand recession.

The exports up by 35.68 per cent to Hong Kong, from $ 1880.60 million to $ 2551.59 million, by 33.57 per cent to Singapore from $ 517 million to $ 691.17 million and to Malaysia by 35.2 per cent from $ 321.70 million to $ 434.9 million.

In June, the exports notched up a 27.55 per cent over the same month last year. It however was lower than the 30.23 per cent growth registered in May and 30.04 per cent recorded in April over the same months last year. The export growth rate target for 2000-01 has been set at 18 per cent.

The commerce ministry's quick estimates show that all the major sectors, barring plantations, contributed to the export growth in June. The items included leather and leather manufactures, gems and jewellery, basic chemicals, engineering goods, ready-made garments.

The exports of gems and jewellery jumped by 65.9 per cent to $ 520 million in April-June 2000 from $ 214 million in April-June 1999, of engineering goods by 23.8 per cent from $ 316 million to $ 391 million, of ready-made garments by 25.9 per cent, from $ 395 million to $ 498 million, of leather and of leather manufactures by 60.9 per cent, from $ 13 million to $ 181 million.

In value terms, the exports in April-June 2000 amounted to $ 10194.34 million against $ 7986.28 million in the previous corresponding period. The estimates show that among the import items, petroleum and petroleum products imports rose sharply by 60.7 per cent from $ 813 million to $ 1307 million, electrical and non-electrical machinery by 13.4 per cent from $ 213 million to $ 242 million and organic and inorganic chemicals by 13 per cent, from $ 206 million to $ 2233 million.

Last fiscal saw India's exports to all regions posting a 11.6 per cent growth over 1998-99 exceeding the target of 11.3 per cent. During this period, the exports of gems and jewellery were up by 28.78 per cent, from $ 5929.35 million to $ 7636.04 million, of chemicals and related products by 13.68 per cent, from $ 4164.81 million to $ 4734.63 million, of engineering goods by 14.92 per cent, from $ 3804.83 million to $ 4372.55 million and of textiles by 11.18 per cent, from $ 8322.77 million to $ 9253.36 million.