April 27, 2021
China and the ASEAN region hold the positions of the second and third largest export destination of India.
The rise in global demand has witnessed a positive growth in the exports of 32 out 33 engineering goods.
Indian exports for 21 international markets for India’s engineering exports have increased during the last fiscal.
About 75.8% of India’s total engineering exports during the last fiscal were accounted for by its top 25 global markets.
Securing the position of India’s leading export destination in March 2021, with $13.52bn of engineering exports from India, the European Union has defeated the North American market by a small margin, with the latter’s engineering exports being $13.19bn. The information was revealed by the Engineering Export Promotion Council (EEPC) India.
In a statement, the EEPC revealed that the rise in global demand and economic activities have led to a positive growth in the exports in 32 out of 33 engineering goods, barring motor vehicles and cars. The goods that witnessed a positive growth included iron and steel, non-ferrous metal products, industrial machinery and office equipment. Despite the marginal decline in the overall exports in both regions in the previous fiscal, the EU‘s total engineering exports for India was 19%, while the North American region accounted for 18% of the same. At 15.4% of India’s engineering exports, the ASEAN region secured the position of the third-largest export destination of India, accounting for $11.22bn out of the total $73.11bn of India’s exports during the last fiscal. The overall exports of $73.11bn is the result of a marginal fall by 2.95%, from $ 75.34bn during the previous fiscal.
According to the data compiled by EEPC, shipments from India containing exports for 21 of the top 25 markets, including the US, China, Singapore and Germany, experienced an increase during the last fiscal. China continues to hold the position of the second-largest export destination for India, with a growth of $4.83bn during the last fiscal from $2.12bn a year ago. About 75.8% of India’s total engineering exports during the last fiscal were accounted for by these 25 nations, as mentioned by Mahesh Desai, the chairman of EEPC India. He believes that this noteworthy share indicates India’s dependence on the traditional markets for engineering exports.