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India’s export of engineering goods crosses $8 bn mark in May 2021
Industry News- Jun 24,21
May 2021 witnessed YoY growth for engineering goods and the US topped as India's export destination at $1,022 million. Shipments to China continued to decline and fell sharply by 35% to $444.65 million, says EEPC India.
Mumbai
India’s exports of engineering goods for May 2021 crossed the $8 billion mark and saw a year-on-year (YoY) growth for the third straight month in May 2021, stated EEPC India (Engineering Export Promotion Council of India) in a release. In April 2021, engineering goods exports was reported to be $7.60 billion, while exports stood at $ 5.47 billion in May 2020.
EEPC mentioned that the US topped as India's export destination for engineering goods this month. The shipments to the country jumped to 56% at $1,022 million in May 2021 as compared to $655.37 million in the corresponding month last year.
It further added that the shipments to China continued to decline and fell sharply by 35% in May 2021. The total exports value to the country was pegged at $444.65 million as against $684.51 million in the same month last year.
Amongst the top 25 engineering exports destinations of India, ASEAN countries such as Indonesia, Thailand and Vietnam recorded high positive growth. But countries like Singapore and Malaysia posted negative growth during April-May 2021.
Similarly, European countries in the top 25 engineering exports destinations list included Germany, Italy, France, UK, Spain, Poland and Belgium. All the countries recorded high positive monthly growth. Even their cumulative growth during the April-May 2021 period was good.
Source – The Economic Times
Engineering Export Promotion Council of India
EEPC
engineering goods
shipments
China
ASEAN
Europe
engineering exports
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