Wednesday, March 21, 2012

Economic Survey 2011-2012 (Summary):Agriculture and Food

Introduction:
Food-grains production rose from 52 million tonnes in 1951-52 to 244.78 million tonnes in 2010-11. The share of agriculture in real GDP has fallen given its lower growth rate relative to industry and services. During the period 1960-61 to 2010-11, food-grains production grew at a compounded annual growth rate (CAGR) of around 2 per cent.
In fact, the Ninth and Tenth Five Year Plans witnessed agricultural sectoral growth rate of 2.44 per cent and 2.30 per cent respectively compared to 4.72 per cent during Eighth Five Year Plan. During the period 1960-61 to 2010-11, food-grains production grew at a compounded annual growth rate (CAGR) of around 2 per cent. In fact, the Ninth and Tenth Five Year Plans witnessed agricultural sectoral growth rate of 2.44 per cent and 2.30 per cent respectively compared to 4.72 per cent during Eighth Five Year Plan. It accounted for about 58 per cent employment in the country according to Census 2001.

PERFORMANCE OF THE AGRICULTURE SECTOR DURING THE CURRENT FIVE YEAR PLAN (2007-2012)
The average annual growth in agriculture and allied sectors realized during the first four years of the Eleventh Plan Period, i.e. 2007-08 to 2010-11, is 3.5 per cent against the targeted growth rate of 4 per cent. Agricultural production and growth in agriculture and allied sectors reached 7.0 per cent in 2010-11, the highest growth rate achieved during the last six years. In 2011-12 agriculture and allied sectors are estimated to achieve a growth rate of 2.5 per cent.

Gross capital formation in agriculture and allied sectors
As a proportion of the value added by agriculture to GDP, Gross Capital Formation (GCF) in agriculture and allied sectors rose to 20.1 per cent in 2010-11 from 13.5 per cent in 2004-05 at 2004-05 prices.

CROP PRODUCTION
For five consecutive years, from 2004-05 to 2008-09, food-grains production recorded an increasing trend. However, it declined to 218.11 million tonnes in 2009-10 due to severe drought conditions in various parts of the country. As per the second Advance Estimates, production of food-grains during 2011-12 is estimated at an all-time record level of 250.42 million tonnes which is a significant achievement mainly due to increase in the production of rice and wheat.

Growth Rates of Area, Production, and Yield of Major Agricultural Crops
Rice and Wheat: During the 1980s, growth in area under rice was marginal at 0.41 per cent; however, growth in production and yield was above 3 per cent. During 2000-01 to 2011-12 the situation changed, whereas growth in area is 0.04 per cent, the growth in production and yield at 1.72 per cent and 1.68 per cent respectively.
In wheat also, during 1980s growth in area was marginal at 0.46 per cent but growth in production and yield was above 3 per cent. During 2000-01 to 2011-12, although growth in area under wheat was 1.22 per cent, growth in production and yield was 2.37 per cent and 1.14 per cent respectively.  

  Agricultural Production (million tonnes)

Crops
2010-2011
2011-2012 (2nd Advance Estimates)
Percentage increase
Rice
95.98
102.75
7.1
Coarse cereals
43.68
42.08
-3.7
Pulses
18.24
17.28
-5.3
Oilseeds
32.48
30.53
-6.0
Sugarcane
342.38
347.87
1.6

Coarse Cereals:
The growth rate in index of area of total coarse cereals during 1980-81 to 2011-12 was negative reflecting either shift to other crops or relatively dry area remaining fallow. However, the growth in production and yield which was 0.40 per cent and 1.62 per cent respectively in the 1980s has improved significantly to 3.01 per cent and 4.39 per cent respectively in the 2000-01 to 2011-12 period. This increase is primarily driven by rise in production and yield of maize and bajra. It also reflects growing popularity of coarse cereals as nutri-food.

Pulses
Pulses are the main source of protein for a large section of population in India. Gram and tur are the major contributors to total production of pulses in the country. During the 1980s there was negative growth in area of total pulses and growth in production and yield was 1.52 per cent and 1.61 per cent respectively. During the period 2000-01 to 2011-12, the indices of area, production and yield of pulses have grown by 1.70 per cent, 3.47 per cent, and 1.91 per cent respectively. The growth in indices of area and production during 2000-01 to 2011-12 is mainly on account of gram.

Sugarcane:
The compound growth rates of indices of area, production, and yield of sugarcane during 2000-01 to 2011-12 have declined compared to the 1980s. The decline in yield during this period is because of relatively higher decline in growth rate of production. The production of sugar in the 2011-12 sugar season is estimated at about 246.65 lakh tonnes against the estimated demand of about 220 lakh tonnes.

Oilseeds:
There has been improvement in annual growth in the indices of yield and area under oilseeds during 2000-01 to 2011-12 as compared to the 1980s. India, however, still imports about 50 per cent of its requirement of edible oil. The current level of growth rate in yield index needs to be maintained to ensure a reasonable level of self-sufficiency in this crop. The production of oilseeds during 2011-12 and net availability of edible oil from all domestic sources (primary) are estimated at 305.29 lakh tonnes and 72.69 lakh tonnes respectively.

Increased requirements of food consumption
The recent spurt in food prices was mainly driven by increase in prices of items like fruits and vegetables, milk, meat, poultry, and fish, which account for approximately 70 per cent of the wholesale price index (WPI) basket for primary food items.
An examination of food consumption expenditure in the country during the period 1987-88 to 2009-10 clearly reveals that there has been a shift in expenditure towards milk and milk products, egg, fish, meat, and vegetables both in rural and urban areas, whereas the share of consumption of cereals in the total food basket has gone down.

AREA COVERAGE OF FOODGRAINS IN 2011-12
The area coverage under food-grains during 2011-12 stood at 1254.92 lakh ha compared to 1267.65 lakh ha last year. The lower area under food-grains has been due to a shortfall in the area under jowar in Maharashtra, Rajasthan and Gujarat; bajra in Maharashtra, Gujarat and Haryana; and in pulses in Maharashtra, Uttar Pradesh, Andhra Pradesh, and Rajasthan. However the area under coarse cereals and oilseeds has also come down as compared to the previous year.
The area coverage under rice during 2011-12 is around 444.06 lakh ha which is 15.44 lakh ha more than the previous year. The area coverage under sugarcane during the current year has slightly improved to 50.81 lakh ha, higher by about 1.96 lakh hectares as compared to the previous year, and the area under cotton has increased significantly to 121.78 lakh ha as compared to 112.35 lakh ha during 2010-11.

Rubber
India is the fourth largest producer of natural rubber (NR) with a share of 8.2 per cent in world production in 2010. Despite not having geographically very favourable regions for growing NR, India continued to record the highest productivity among major NR-producing countries.
The production of NR in 2011-12 is projected at 9.02 lakh tonnes, an increase of 4.6 per cent over 2010-11. India continues to be the second largest consumer of NR with 8.8 per cent share of world consumption in 2010. Consumption of NR in 2011-12 is projected at 9.77 lakh tonnes, an increase of 3.1 per cent over the previous year.

Coffee
India is the sixth largest producer of coffee after Brazil, Vietnam, Colombia, Indonesia, and Ethiopia. With 2 per cent share in global area under coffee, India contributes about 4 per cent to world coffee production as well as international trade.
Coffee is cultivated in an area about 4.0 lakh ha primarily in the southern states of Karnataka, Kerala, and Tamil Nadu. Presently consumption in the country is over 1 lakh tonnes and India produces about 3 lakh tonnes of coffee comprising both Arabica (32 per cent) and Robusta (68 per cent).
Over the past two decades, coffee cultivation has been promoted in the tribal regions of Andhra Pradesh, Orissa, and the north-eastern states primarily with the objective of tribal development and afforestation. Indian coffee is primarily an export-oriented commodity with about 70 per cent of production being exported.

Tea
India is the largest producer and consumer of black tea in the world. Tea is grown in 16 states in India. Assam, West Bengal, Tamil Nadu, and Kerala account for about 95 per cent of total tea production.
Tea production in India during the year 2010-11 has been estimated at 0.97 million tonnes as against 0.99 million tonnes in 2009-10.

Exports and Imports
In September 2011, government has put the exports of wheat, non-basmati rice, and cotton under open general licence.
India is among 15 leading exporters of agricultural products in the world. As per the International Trade Statistics 2011, published by the World Trade Organization (WTO), India’s agricultural exports amounted to US $ 23.2 billion with a 1.7 per cent share of world trade in agriculture in 2010. On the other hand, India’s agricultural imports amounted to US $ 17.5 billion with a 1.2 per cent share of world trade in agriculture in 2010.

Seeds
Seed quality is estimated to account for 20-25 per cent of productivity. It is, therefore, important that quality seeds are made available to the farmers. Since the year 2005-06, the central government has been implementing a central-sector scheme known as ‘Development and Strengthening of Infrastructure Facilities for Production and Distribution of Quality Seeds’ to address the gaps in infrastructure and to increase availability of quality seeds for different crops through various interventions.
Although this scheme has contributed to doubling the availability of quality seeds in the last five years, it requires major changes and up-gradation to meet the challenges of the rapidly evolving seed sector and ensure wider use of quality seeds. Accordingly, a National Mission on Seeds for the Twelfth Plan Period has been proposed.
The New Policy on Seed Development (NPSD) was formulated way back in 1988 with a view to providing the best planting material available abroad to Indian farmers. The policy has, over the years, facilitated import of seeds under various categories. The policy permits initial import of small quantities of seeds of cereals, oilseeds, pulses, etc. for in-house trial by the importer. Based on satisfactory results of multi-location trials, importers are permitted to import in bulk. Subsequently, NPSD 1988 was revised to allow import of seeds of wheat and paddy, coarse cereals, pulses, and oilseeds under prescribed conditions.
FDI policy for agriculture sector was amended to allow 100 per cent FDI under automatic route for ‘development of seed’. Earlier, FDI was permitted for ‘development of seed under controlled condition’.

Mechanization and Technology
Current farm power availability hovers around 1.7 kw/ha which is much lower than that of Korea (7+ kw/ha), Japan (14+kw/ha), and the USA (6+kw/ha). It is estimated that in order to upscale farm productivity so as to grow more food given the stagnant net sown area, farm power availability must reach at least 2.0 kw/ha by the end of Twelfth Five Year Plan.

Fertilizers
India is meeting 80 per cent of its urea requirement through indigenous production but is largely import dependent for meeting the requirements of potassic (K) and phosphatic (P) fertilizers.
The Nutrient Based Subsidy (NBS) Policy for fertilizers was implemented in 2010. Under the NBS Policy, a fixed subsidy is announced on per kg basis of nutrient annually. An additional subsidy is also given to micro-nutrients. With the objective of providing a variety of subsidized fertilizers to farmers depending upon soil and crop requirements, the government has included seven new grades of complex fertilizers under the NBS. Under this scheme, manufactures/marketers are allowed to fix the maximum retail price (MRP). Farmers pay only 50 per cent of the delivered cost of P and K fertilizers, the rest is borne by the Government of India in the form of subsidy.

Rainfall and Reservoir Levels
Rainfall continues to influence crop production and productivity in a substantial way. Around 75 per cent of annual rainfall is received during the southwest monsoon season (June-September). During the south-west monsoon season 2011, the country as a whole received 1 per cent more rainfall than the long period average (LPA).
The total designed storage capacity at full reservoir level (FRL) of 81 major reservoirs in the country monitored by the Central Water Commission (CWC) is 151.77 billion cubic meters (BCM). At the end of monsoon 2011, the total live storage in these reservoirs was 131.076 BCM which is more than the live storage of 115.23 BCM at the end of monsoon 2010 and 102.759 BCM which is the average of the last 10 years.

Irrigation
The central government initiated the Accelerated Irrigation Benefit Programme (AIBP) from 1996-97 for extending assistance for the completion of incomplete irrigation schemes. Under this programme, projects approved by the Planning Commission are eligible for assistance. As on 31 March 2011, 290 projects were covered under the AIBP and 134 completed. During 2010-11, an irrigation potential of 566.24 thousand ha is reported to have been created by states, from major / medium /minor irrigation projects under the AIBP.

PRICE POLICY FOR AGRICULTURAL PRODUCE
The government announces minimum support prices (MSPs) for major agricultural commodities each season and organizes purchase operations through the Food Corporation of India, and cooperative and other agencies designated by state governments. The government decides on the MSPs for various agricultural commodities taking into account the recommendations of the Commission for Agricultural Costs and Prices (CACP), the views of state governments and central ministries as well as such other relevant factors which are considered important for fixation of support prices.
NAFED appoints state agencies to undertake Price Support Scheme (PSS) operations. The losses, if any, incurred by the central agencies on undertaking PSS operations are reimbursed up to 15 per cent by the central government. The government also implements the Market Intervention Scheme (MIS) for horticultural and agricultural commodities, generally perishable in nature and not covered under the PSS, thus helping farmers get remunerative prices for their produce.

National Food Security Mission (NFSM)
The NFSM, launched in 2007, is a crop development scheme of the Government of India that aims at additional production of 10, 8, and 2 million tonnes of rice, wheat, and pulses respectively by the end of 2011-12.The scheme was approved with an outlay of ` 4,883 crore for the period from 2007-08 to 2011-12.
The Mission interventions consist of a judicious mix of proven technological components covering seeds of improved variety, soil ameliorants, plant nutrients, farm machines/implements, and plant protection measures. In addition, a special initiative under the name of the Accelerated Pulses Production Programme was initiated in 2010 to boost the production of pulses by active promotion of technologies in 1,000 clusters of 1,000 ha each.
Through targeted interventions, the mission has already achieved, a year in advance, 25 millions tonnes of additional production of food grains exceeding the target of 20 million tonnes of production set for the terminal year 2011-12, of the Eleventh Year Plan.

Rashtriya Krishi Vikas Yojana (RKVY)
The RKVY was launched in 2007-08 with an outlay of ` 25,000 crore in the Eleventh Plan for incentivizing states to enhance public investment to achieve 4 per cent growth rate in agriculture and allied sectors during the Eleventh Five Year Plan period.
The RKVY format permits taking up national priorities as sub-schemes, allowing the states flexibility in project selection and implementation. The sub-schemes include Bringing Green Revolution to Eastern Region; Integrated Development of 60,000 Pulses Villages in Rainfed Areas; Promotion of Oil Palm; Initiative on Vegetable Clusters; Nutri-cereals; National Mission for Protein Supplements; Accelerated Fodder Development Programme; Rain-fed Area Development Programme; and Saffron Mission.

Integrated Scheme of Oilseeds, Pulses, Oil Palm, and Maize (ISOPOM)
The centrally sponsored ISOPOM have been under implementation during the Eleventh Plan in 14 states for oilseeds and pulses, 15 for maize, and 9 for oil palm. The pulses component has been merged with the NFSM with effect from 1 April 2010.

National Mission for Sustainable Agriculture (NMSA)
The NMSA aims at enhancing food security and protection of resources such as land, water, biodiversity, and genetic resources by developing strategies to make Indian agriculture more resilient to climate change. The Prime Minister’s Council on Climate Change has approved the Mission in September 2010 and the Ministry of Agriculture has initiated activities under this Mission during the current financial year.

Extension Services
The Support to State Extension Programmes for Extension Reforms Scheme was launched in 2005-06, aiming at making the extension system farmer driven as well as accountable to farmers by providing for new institutional arrangements for technology dissemination. This has been done through setting up of Agricultural Technology Management Agencies (ATMA) at district level to operationalize the extension reforms. The ATMA has active participation of farmers/farmer groups, nongovernment organizations (NGOs) and other stakeholders operating at district level and below. Gender concerns are being mainstreamed by mandating that 30 per cent of resources on programmes and activities are utilized by women farmers and women extension functionaries.
MANAGE, Hyderabad, an apex Institute at the national level, provides training to middle and senior level officers of agriculture and allied departments of the states/UTs.

National Horticulture Mission (NHM)
The NHM scheme was launched during the Tenth Plan for holistic development of the horticulture sector, duly ensuring forward and backward linkages by adopting a cluster approach, with the active participation of all the stakeholders. At present, 372 districts in 18 States and 3 UTs have been covered under the NHM. A major initiative has been taken during 2011-12 for enhancing the supply of good quality vegetables to metro cities under the Vegetable Initiative in Urban Clusters.

National Initiative on Climate Resilient Agriculture
The Indian Council of Agricultural Research has initiated a scheme on National Initiative on Climate Resilient Agriculture with an outlay of ` 350 crore for 2010-12. This initiative has been planned as a multi-disciplinary, multi-institutional effort covering crops, livestock, and fisheries and focusing mainly on adaptation and mitigation of climate change in agriculture. It also has a component for demonstration of climate-coping technologies on farmers’ fields in 100 most vulnerable districts.

National Bamboo Mission (NBM)
The NBM, a centrally sponsored scheme of the Ministry of Agriculture for harnessing the potential of the bamboo crop in the country, is under implementation in 27 states with a total outlay of ` 568.23 crore. The Mission envisages promoting holistic growth of the bamboo sector by adopting an area-based, regionally differentiated strategy to increase the area under bamboo cultivation and marketing.

ANIMAL HUSBANDRY, DAIRYING, AND FISHERIES
The Eleventh Five Year Plan envisages overall growth of 6-7 per cent per annum for the sector. In 2010-11, this sector contributed 121.84 million tonnes of milk, 63.02 billion eggs, 42.99 million kg wool, and 4.83 million tonnes of meat. The Eighteenth Livestock Census (2007) has placed total livestock population at 529.7 million and total of poultry birds at 648.8 million.

Dairy Sector
India ranks first in the world in milk production, which went up from 17 million tonnes in 1950-51 to 121.84 million tonnes in 2010-11. The per capita availability of milk has also increased from 112 grams per day in 1968-69 to 281 grams in 2010-11. However, world average per capita availability was 284 grams per day in 2009-10 compared to 273 grams per day for India.
National Project for Cattle and Buffalo Breeding (NPCBB) was also launched in 2000. The NPCBB envisaged genetic up-gradation and development of indigenous breeds on priority basis.

Poultry
The per capita availability is around 53 eggs per year in the year 2010-11. Exports of poultry products were around 372 crore in 2009-10 as per the Agricultural and Processed Food Products Export Development Authority (APEDA). In order to encourage entrepreneurship skills of individuals, a central-sector ‘Poultry Venture Capital Fund’ Scheme is also being implemented on capital subsidy mode since 1 April 2011, covering various poultry activities.

Fisheries
The fisheries sector contributed 0.7 per cent of total GDP at factor cost and 5.0 per cent of GDP at factor cost from agriculture, forestry, and fishing in the year 2010-11 (QE). Fish production increased from 3.8 million tonnes in 1990-91 to 8.29 million tonnes in 2010-11. Fishing, aquaculture, and allied activities are reported to have provided livelihood to over 14 million people in 2010-11, apart from being a major foreign exchange earner.

CREDIT AND INSURANCE
Agricultural Credit
The flow of agricultural credit since 2003-04 has consistently exceeded the target. In the year 2010-11 the achievement was 119 per cent of target.
Farmers have been receiving crop loans up to a principal amount of ` 3 lakh at 7 per cent rate of interest since 2006-07. In
2009-10, government provided an additional 1 per cent interest subvention to those farmers who repaid their short-term crop loans as per schedule. This subvention was raised to 2 per cent in 2010-11 and further to 3 per cent in 2011-12. Thus the effective rate of interest for such farmers will be 4 per cent per annum.
About 10.78 crore KCCs had been issued up to October 2011.
The government is implementing a revival package for Short-term Rural Cooperative Credit Structure involving financial outlay of 13,596 crore. Twenty-five state governments have signed a memorandum of understanding with the Government of India and the National Bank for Agriculture and Rural Development (NABARD). This covers 96 per cent of the primary agricultural cooperative societies (PACS) and 96 per cent of the central cooperative banks in the country.

Agricultural Insurance
National Agricultural Insurance Scheme (NAIS)
The NAIS is a government-sponsored central-sector crop insurance scheme being implemented in the country since 1999-2000 season with the objective of providing financial support to farmers in the event of failure of crops as a result of natural calamities, pests, and diseases. The Agriculture Insurance Company of India Ltd. is the implementing agency for the Scheme.

Modified NAIS (MNAIS)
With the aim of further improving crop insurance schemes, the MNAIS is under implementation on pilot basis in 50 districts in the country from rabi 2010-11 season. Some of the major improvements made in the MNAIS are actuarial premium with subsidy in premium at different rates, all claims liability to be on the insurer, unit area of insurance reduced to village panchayat level for major crops, indemnity for prevented/sowing/planting risk and for post-harvest losses due to cyclone, on account payment up to 25 per cent advance of likely claims as immediate relief, more proficient basis for calculation of threshold yield, and allowing private sector insurers with adequate infrastructure.

Pilot Weather Based Crop Insurance Scheme (WBCIS)
Similarly, the WBCIS is also being implemented as a central-sector scheme from kharif 2007 season. The scheme is intended to provide insurance protection to farmers against adverse weather incidence, such as deficit and excess rainfall, high or low temperature, and humidity that are deemed to adversely impact crop production.

AGRICULTURAL MARKETING
Agriculture markets are regulated in India through the APMC Acts. According to the provisions of the APMC Acts of the states, every APMC is authorized to collect market fees from the buyers/traders in the prescribed manner on the sale of notified agricultural produce.

FOOD MANAGEMENT
The nodal agency which undertakes procurement, distribution, and storage of food-grains is the Food Corporation of India (FCI). The off-take of Food-grains is primarily under the targeted public distribution system (TPDS) and other welfare schemes of the Government of India.
During rabi marketing season (RMS) 2011-12, 28.35 million tonnes of wheat was procured against 22.52 million tonnes in 2010-11.
In kharif marketing season (KMS) 2011-12, as on 1 November 2011, the total procurement of rice was 8.5 million tonnes as against 7.68 million tonnes in the corresponding period of the previous year.
Procurement of coarse grains in 2010-11 was 1.28 lakh tonnes as compared to 4.07 lakh tonnes in 2009-10.
Procurement of food-grains is mainly from states like Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Andhra Pradesh, and Chhattisgarh.

Decentralized Procurement Scheme
A number of states have opted for implementation of the Decentralized Procurement Scheme (DCP) introduced in 1997, under which
Food-grains are procured and distributed by the state governments themselves.
Under this scheme, the designated states, procure, store, and issue food-grains under the TPDS and welfare schemes of the Government of India. The difference between the economic cost fixed for the state and the CIP is passed on to the state government as subsidy.

Economic Cost of Food-grains to the FCI
The economic cost of food-grains consists of three components, namely the MSP (and bonus if applicable) as the price paid to the farmers, procurement incidentals, and the cost of distribution. While the economic cost of wheat and rice has continuously gone up, the issue price has been kept unchanged since 1 July 2002.

MSP: The purchases are made from the farmers at the rates declared by the Govt. of India. This rate is called as MSP (Minimum support Price).
Economic Cost: MSP + Procurement incidentals, and the cost of distribution
CIPs: Wheat and rice are issued by the Central Government at uniform central issue prices (CIPs) to States and Union Territories for distribution under TPDS. The difference between the economic cost and issue price of food-grains is reimbursed to the FCI by the Central Government in the form of subsidy.
Food Subsidy = Economic Cost -CIP

Quantum of Food Subsidies Released by Government
Year
Food subsidy( crore)
2001-02
17,494.00
2010-11
62,929.56

Buffer Stock
The stock position of food-grains in the central pool as on 1 February, 2012 was 55.2 million tonnes comprising 31.8 million tonnes of rice and 23.4 million tonnes of wheat, which is adequate for meeting the requirements under the TPDS and welfare schemes during the current financial year.

Allocation of Food-grains under TPDS and Other Welfare Schemes
Allocations for the Antyodaya Anna Yojana (AAY) and below poverty line (BPL) families are being made at 35 kg per family per month. For above poverty line (APL) families, allocation varies from 15 kg to 35 kg in different states.

Open Market Sale Scheme (Domestic) [OMSS (D)]
In addition to maintaining buffer stocks and providing food-grain stocks for meeting the requirements of the TPDS and other welfare schemes, the FCI on behalf of the Government of India has been undertaking sale of wheat and rice at predetermined prices in the open market from time to time to enhance market supply of food-grains to have a moderating influence on open market prices.

COMMODITY FUTURES MARKET
The commodity futures market facilitates the price discovery process and provides a platform for price risk management in commodities. Currently, 113 commodities are notified for futures trading of which 50 are actively traded in five national and 16 commodity specific exchanges. Agricultural commodities, bullion, energy, and base metal products account for a large share of the commodities traded in the commodity futures market.
Forward Markets Commission (FMC) is the regulator for commodity futures trading under the provisions of the Forward Contracts (Regulation) Act 1952.
During the year 2011-12 (up to January 2012), in value terms bullion accounted for the maximum share of traded value among the commodity groups (57.7 per cent) followed by energy (15.9 per cent), metals (15.2 per cent), and agricultural commodities (11.2 per cent). However, in quantity terms, trade in energy accounted for 57.5 per cent followed by agricultural commodities (33.2 per cent), metals (9.3 per cent), and bullion (0.1 per cent).