Exports of engineering items from India surged by 13.5 per cent to $9.79 billion in May 2022 from $8.62 billion recorded in the identical month final 12 months, in response to EEPC India month-to-month evaluation of export traits.
Cumulative engineering exports for April-May 2022-23 had been recorded at $19.39 billion, which is 16.84 per cent larger compared with $16.60 billion of exports recorded within the corresponding interval of the final 12 months.
United States remained the highest marketplace for Indian engineering items in May, whereas shipments to China declined. As many as 18 out of 25 main markets for Indian engineering items recorded constructive development in May 2022.
Exports to the US surged 63.2 per cent year-on-year to $1.81 billion in May this 12 months as in comparison with $1.11 billion within the corresponding month of the earlier 12 months. Among different nations which recorded constructive development in imports from India within the month of May included Germany, Singapore, the UK, Italy, and Thailand.
Exports of engineering items to China, nevertheless, declined 52 per cent year-on-year in May 2022 to $217.4 million as in comparison with $451.7 million in the identical month final 12 months.
The prime 25 nations contribute virtually 75 per cent of complete engineering exports from India.
In phrases of area, most development in exports was witnessed in North America adopted by the EU in each month-to-month and cumulative phrases.
The share of engineering in complete merchandise exports was recorded at 25.14 per cent in May whereas the share was 24.64 per cent for April-May 2022-23.
Commenting on engineering exports traits thus far on this fiscal, EEPC India Chairman Mahesh Desai stated, “Although the trend looks impressive, some concerns are still there. One of the biggest concerns is the Russia-Ukraine war that has severely hampered shipments to CIS nations and may have some ripple effect on the global economy.”
He famous that the resurgence of COVID and subsequent harm of enterprise prospects in some industrial cities can also influence the worldwide commerce situation adversely.