India’s engineering goods export to China doubled, says EEPC
In the financial year 2020-21 (FY21), engineering exports from India to China rose to 128% to $4.8 billion as compared to the previous year.
The Engineering Export Promotion Council India (EEPC) said on Friday that India’s engineering goods shipments to China more than doubled in November this year to $434.6 million. In November 2020, exports of such goods were worth $205.3 million.
The US, however, remained the top buyer of Indian engineering goods at $1,196 million during the month, registering a growth of 36 percent.
India’s engineering exports to 23 out of 25 key markets, including the US, China, Germany, and Italy showed positive year-on-year growth in the first month of FY21 amid overall growth in merchandise trade owing to the low base of the previous year.
The EEPC also said that it is important to note that after four months of continually hitting almost the $9 billion mark, total engineering exports volume in November came down to around $7.7 billion.
“The slowdown seems to indicate the distress exporters are facing given volatility in world demand and the uncertainty regarding the pandemic which has been triggered by the new variant Omicron. Experts around the globe have already predicted that while the global trade growth is remarkable it is not even across the countries,” EEPC India Chairman Mahesh Desai said.
“In this situation, the exporters need complete support within the country such that they may remain competitive even during the upcoming uncertainties.”
The EEPC urged the Centre to look into matters such as growing inflation, rising raw material prices as well as logistics issues, scarcity of containers, with an urgency.
[With Inputs from IANS]
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