Engineering exports surge for third straight month


Even compared to May 2019, when economic activities were normal, shipments of engineering items clocked a growth of 14.65% in May this year, EEPC India said.

India’s engineering exports crossed $8 billion up to May this fiscal, witnessing growth for the third straight month.

The global markets for 30 of the 33 engineering goods categories remained robust, but exports of lead (21%) and zinc (2%) products and of ships and boats (16%) declined during the period. The share of engineering goods in total merchandise exports rose to 25.44% in May from 24.83% in April and 25.36% in March. The growth on a cumulative basis was 25.23% during April-May.

Even compared to May 2019, when economic activities were normal, shipments of engineering items clocked a growth of 14.65% in May this year, EEPC India said.

Among the top 25 key markets for Indian engineering goods, 22 recorded positive growth, but shipments and export volumes to China, Indonesia, Malaysia and Saudi Arabia declined. The US topped the list, with export shipments growing 56% valued at $ 1,022 million. UAE ranked second, growing 70% year-on-year in May. The European Union accounted for 21%, North America 16.8% and ASEAN 15.7% of India’s total engineering exports during April-May.

“To keep the momentum going, India needs to vaccinate most citizens at the earliest,” EEPC India chairman Mahesh Desai said. EEPC expects the government to provide targeted support to the industry as there are predictions of repeated waves of pandemic, he said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.





Source link

Latest

ll About Orthodontics: The History of Braces and Clear Aligners

The invention of clear aligners was ground-breaking. In fact, it caused a total change in the world of dentistry.

Covid impact: Demand for office space to remain flat in 2021

During January-June 2021, net absorption declined 19% Y-o-Y to 9.63 MSF. Bengaluru and Pune accounted for nearly 60% of the share. These two...

Conservative cleric Raisi wins landslide victory in Iran poll

Ebrahim Raisi, a conservative cleric and judiciary chief, has won Iran’s presidential election, in a landslide victory that will give regime hardliners full...

How To Look For A Reputable Preston Nursery

You should be aware of several factors and insist on, regardless of whether you select a formal child-care facility, a Preston nursery, a family...

Things Everyone Gets Wrong About Panasonic Ac

When it comes to air conditioning, Panasonic is one of the most well-known brands in the market. However, there are a few things about...