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Indian engineering exports doing well

Indian Engineering Exports are benefiting from an impressive turnaround in demand in most of the developed economies especially the United States, which accounted for an annual growth of 91 per cent of shipments in September this fiscal, according to an analysis by EEPC India, the apex body for Indian engineering exporters.

The U.S. continued to be the topmost exporting destination for India’s engineering products in September 2017, registering a huge expansion both on monthly as well as on cumulative basis during April-September 2017-18 over the same period last fiscal, the EEPC India said November sixth.

While the shipment of engineering exports to the US went up by a whopping 91 per cent to1.53 billion US Dollars in September, 2017 from 551 million US Dollars in the same month last fiscal, the April-September exports had gone up over by 47 per cent to 4.79 billion US Dollars from 3.25 billion US Dollars 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.

All European nations falling under the top 25 engineering export destinations like Germany, Italy, Belgium, Netherland, France and Poland also recorded considerable growth. Engineering exports to Germany saw a jump of over 67 per cent to 288 million US dollars in September, 2017 over 172 million US Dollars in the same month last fiscal. Likewise, the shipments to Italy rose by 30% to 209 million US Dollars from 161 million US Dollars.

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