- Friday, April 19, 2024
By: Shubham Ghosh
BOLSTERED by strong demand from countries like the United States and the United Arab Emirates and region like Europe, India’s exports in engineering goods reached an all-time high of $9.14 billion in July, constituting a fourth of the country’s total merchandise exports, Engineering Export Promotion Council (EEPC) of India said.
Mahesh Desai, chairman of EEPC which is sponsored by India’s ministry of commerce and industry, was quoted as saying by The Times of India, “The record high exports of engineering goods reflect the overall trend in country’s merchandise exports and also global trend. While we are bullish, potential risks and uncertainties cannot be ignored. Some of the major economies in developing Asia have been impacted by the pandemic.”
The US remained the top importer of India’s engineering goods with total exports growing by over 27 per cent in July to $1,272 million when compared to the same month last year.
The UAE came second for the third time in a row with the July shipment almost doubling to $518 million as against $269 million in July 2020, an EEPC India analysis revealed.
Exports to China slipped to the third position and fell 13 per cent to $532 million as compared to the same month last year. Exports of iron and steel to China, with which India has seen a deterioration in political relations of late, fell by over 55 per cent last month.
Twenty out of 25 key nations accounting for 77 per cent of India’s total engineering exports recorded a positive monthly growth during July this year as compared to July last year. This significant high share indicates the dependence of India’s engineering exports on traditional markets.
On the other hand, countries like Mexico, South Africa and Nigeria remained the top three importers of India’s automobiles during April-July 2021 with 12.15 per cent, 11.36 per cent and 5.64 per cent share in India’s global exports, respectively, over the same period in the last fiscal.
