In May 2021, engineering exports from India crossed US$ 8 billion, registering growth for the third consecutive month.
Among 33 engineering goods categories, 30 in the global markets registered growth. In May 2021, the engineering goods share in total merchandise exports increased by 25.44%, as compared to an increase of 24.83% in April 2021 and 25.36% in March 2021. Between April and May, cumulative basis of growth stood at 25.23%.
EEPC India stated that in May 2021 shipments of engineering items registered an increase of 14.65%, as compared to May 2019, when economic movements were regular.
22 of the top 25 key markets for Indian engineering goods, registered positive growth. The US led the category with export shipments valued at US$ 1,022 million, an increase of 56%, followed by UAE registering an increase of 70% YoY. Between April and May, the European Union accounted for 21% of India’s total engineering exports, followed by North America at 16.8% and ASEAN market at 15.7%.
EEPC India chairman, Mr. Mahesh Desai stated that to keep up the growth momentum, India would need to focus on the vaccination drive at priority. EEPC anticipates the government to offer targeted assistance to the industry as there are forecasts of the third wave of COVID-19.
Source: IBEF
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