European Union with $13.52 billion of engineering exports from India has pipped the North American market with $13.19 billion of exports to emerge as India’s top export destination during fiscal to March 2021, said Engineering Export Promotion Council (EEPC) India.
Though the overall exports to both these regions saw a marginal decline during the last fiscal, the European Union accounted for 19% and the North American region 18% of India’s total engineering exports. The ASEAN region with a 15.4% share emerged as the third-largest destination with $11.22 billion out of the total $73.11 billion of India’s engineering exports during the last fiscal.

In terms of the countries, China continued the second-largest export destination for India by reporting a growth of over 127% at $4.83 billion during the last fiscal, up from $2.12 billion a year ago. In March alone, the exports to China recorded a whopping growth of 337.4% at $553 million.
The overall exports of engineering goods from India saw a marginal fall of 2.95% at $73.11 billion during the last fiscal, down from $75.34 billion, mirroring the global trend.
Rising global demand and increased economic activities have resulted in exports of 32 out of 33 engineering goods except for motor vehicles and cars saw positive growth, said EEPC India in a statement on Sunday evening. The categories that saw positive growth include iron and steel, non-ferrous metal products, industrial machinery and office equipment, among others, signalling good times for exporters reeling under loss for the past one year due to pandemic, it said.
Exports to 21 out of 25 top markets including the US, China, Singapore and Germany saw shipments from India rising during the last fiscal, show the data compiled by EEPC India.
Source: Economic Times