Indian engineering exports are benefiting from an impressive turnaround in the demand in most of the developed economies, including the US which accounted for an annual growth of 91% in shipments in September this fiscal, along with several other key markets of the Europe, UAE and China, an EEPC India analysis has shown.
The US continued to be the top most exporting destination for India's engineering products in September 2017, registering a huge expansion both on monthly as well as in cumulative basis during Apr-September 2017-18 over the same period last fiscal.
While the shipments of engineering exports to the US went up by a whopping 91 per cent to $1.53 billion in September , 2017 from $551 million in the same month last fiscal, the April-September despatches had gone up over by 47% to USD 4.79 billion from USD 3.25 billion in the first half of the previous fiscal.
“ Since the demand pick up, particularly in iron and steel, all ferrous and non-ferrous metals, is evident in the global market, we expect the exports to remain buoyant , barring any major adverse event,” chairman of the EEPC India Mr T S Bhasin said.
Somewhat a similar performance was witnessed in major European markets as well. All European nations falling under the top 25 engineering export destinations like Germany, Italy, Belgium, Netherland, France and Poland recorded considerable growth .
For instance, the engineering exports to Germany saw a major jump of over 67 per cent to $288 million in September, 2017 over $172 million in the same month last fiscal. Likewise, the shipments to Italy by 30% to $209 million from $161 million.
Overall, India's engineering exports to its top 25 destinations registered a rise of 53.3% in September 2017 and 25.6% during April- September 2017 compared to the same period previous year.
“So, we are seeing a secular trend in the global demand pick-up. Once we are able to resolve our domestic issues arising out of the initial problems of the Goods and Services Tax, we should be able to build up further,” said the EEPC India chairman.
Source: economictimes.indiatimes.com