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Engineering goods Exports contribute to the country's record Exports in March says Engineering Export Promotion Council

Engineering goods exports jump 70 per cent in March, has pushed the monthly merchandise exports to all time high. It is among the major commodity groups of export which recorded positive growth during March 2021 along with iron ore, electronic goods and gems & jewellery.

In a major rebound of trade since the pandemic outbreak, engineering goods exports from the country recorded an impressive 70.28 percent growth in March 2021.

India‚Äôs total merchandise exports during this period were  34 billion US dollars as compared to 21.49 billion US dollars in March 2020 registering a jump of 58.23 per cent. The monthly growth is the best ever performance so far.

The sudden jump in outbound shipments offers hope of a sustained growth in the sector

The sudden jump in outbound shipments offers hope of a sustained growth in the sector in coming months on the back of vaccine roll-out and containment of virus spread. With major economies of the world including India taking steps to boost demand and enhance business activities, international trade could reach pre-Covid level sooner than expected.

"The strong growth in exports of engineering goods in the month of March suggests a bright outlook for the sector but one needs to be cautious before arriving at any conclusion on the basis of short term surge," said EEPC India Chairman Mr Mahesh Desai.

"Despite downside risks in view of new virus strains and possible disruption in trade we remain optimistic given that the government has taken a number of measures to make India manufacturing hub and export competitive," added Mr Desai.

Stellar performance by the engineering goods sector pushed the overall merchandise exports in March

Stellar performance by the engineering goods sector pushed the overall merchandise exports in March. It is among the major commodity groups of export which recorded positive growth during March 2021 along with iron ore, electronic goods and gems & jewellery.

Engineering items account for about 25 percent of India's total global exports in the goods sector and is one of the largest foreign exchange earners. It employs nearly 4 million skilled and semi-skilled workers.

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