Indian engineering exports are benefiting from an impressive turnaround in the demand in most of the developed economies , especially the U.S. which accounted for an annual growth of 91 per cent in shipments in September this fiscal, an analysis by EEPC India — the apex body for Indian engineering exporters — has shown.
The U.S. continued to be the top-most destination for India’s engineering products in September 2017, registering a huge expansion both on monthly as well as in cumulative basis during April-September 2017-18 over the same period last fiscal, the EEPC India said in a statement on Monday.
While the shipments of engineering exports to the U.S. went up by a whopping 91 per cent to $1.53 billion in September, 2017 from $551 million in the same month last fiscal, the April-September exports had gone up over by 47 per cent to $4.79 billion from $3.25 billion in the first half of the previous fiscal.
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“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 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 in September, 2017 over $172 million in the same month last fiscal. Likewise, the shipments to Italy rose by 30 per cent to $209 million from $161 million.