22 out of 25 top export destinations such as China, UK and UAE, recorded positive growth
Maintaining the trend for the third consecutive time, engineering goods exports crossed USD 9 billion in the country, forming a 26.65 per cent in total merchandise export.
Out of 33 engineering product categories, 27 witnessed positive growth in exports in this period when compared with the same month last year. Maximum year-on-year decline was witnessed in zinc; aircraft, spacecraft and parts; ships and floating structure and electrical machinery during this period.
Additionally, 22 out of 25 top export destinations such as China, UK and UAE, recorded positive growth.
“India’s engineering exports have cumulatively increased from $32.4 billion in April-September 2020-21 to $52.3 billion in April-September 2021-22, registering a growth rate 61.4 percent. Annualising the figure means we are well on track to achieve our target of $105 billion in FY22. In the first six months, almost 49 percent of the target has been achieved so we are almost half-way mark,” EEPC India chairman Mahesh Desai said.
During September, the US remained top destination for engineering goods exports with the total value of the shipment at $1.29 billion, up 12.2 per cent compared to $1.15 billion in the same month last year.
China was the second biggest market with total shipments growing 49 percent year-on-year to $568 million during this period.
India’s engineering goods exports to UAE grew by 48 per cent to $399.6 million in September 2021 as against $268.6 million in the same month last year.
“However, we need to observe the trend in the festival months (October and November) as holidays may lead to some slowdown in certain parts of the country and in December in Western countries,” he added.
Among other countries which had positive growth included Germany, Turkey, Italy, UK, Vietnam, Singapore and Mexico. Rapid pace of recovery, declining Coronavirus cases, pent-up demand and policy measures taken by the government have been key factors supporting high engineering goods exports from the country.
Industrial machinery comprising boilers, IC engines and parts, pumps of all types, ACs and refrigerators grew by 27 percent to $1.37 billion in September this year as compared to $1.08 billion in September, 2020. Automobiles exports comprising motor vehicle/cars, two and three-wheelers, auto components and parts posted 25 percent year-on-year growth in September to $1.47 billion.
While aircraft and spacecraft parts and products recorded a decline in exports to the tune of 46.4 per cent during September, the ships boats and floating products and parts panel fell 83 per cent.
