Engineering goods exports record positive growth

Exports of engineering goods have crossed $9 billion in September, 2021, while 22 out of 25 top export destinations such as China, UK and UAE have recorded positive growth, EEPC said.

Share of engineering goods in overall merchandise exports stood at 26.65 per cent in September, it said. Engineering Export Promotion Council (EEPC) chairman Mahesh Desai said that India’s engineering cumulative engineering exports increased from USD 32.4 billion in April to September in 2020 to USD 52.3 billion during the same period this year.

“On an annualised basis, this would translate to USD 105 billion in 2021-22. In the first six months, 49 per cent of the target has been achieved,” Desai said.

Among other countries which recorded positive growth included Germany, Turkey, Italy, UK, Mexico, Vietnam and Singapore, EEPC said.

Welcoming the move to fast-track FTAs with as many as six countries and trading blocs, Desai said the government should take lessons from earlier such agreements. The FTAs signed earlier led to increased imports for some items in ferrous and non-ferrous sectors from countries like Korea and Japan. Hence there is a need to take a cautious stance while signing new FTAs.

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