November 26, 2021
Exports to the US, China and the UAE stood at US$ 1.45 billion, US$ 635.6 million, and US$ 467.5 million, respectively.
23 out of 25 top export destinations registered an increase in exports.
The rise in exports was supported by strong economic recovery and pent-up demand.
The engineering goods categories included aircraft parts and ship boats & floating products.
October saw a year-on-year 68.4% increase to US$ 1.45 billion in the exports of engineering goods to the US, while a 165% surge to US$ 635.6 million was observed in shipments to China. Exports to the UAE rose to 70% to US$ 467.5 million. According to a statement by EEPC India on November 25, the engineering goods sector has achieved 57% of the full year target, at US$ 60.98 billion cumulative exports in April-October 2021-22 period. The release also mentioned that all the 33 engineering goods categories including aircraft parts and ship boats & floating products registered growth in exports during October 2021.
Spread across products and destinations, 23 out of 25 top export destinations registered an increase in exports. Backed by strong economic recovery and pent-up demand, exports to three top destinations i.e US, China and UAE saw a rapid increase in October. In the words of EEPC Chairman Mahesh Desai, “In the last decade, engineering export’s share in India’s total merchandise exports has increased significantly from around 17% to 26%. This growth is majorly attributed to constant upgradation of the value chain and exploration of new economies.”