Engineering goods exports hit USD 9 bn mark, record positive growth

Share of engineering goods in overall merchandise exports stood at 26.65 per cent in September, it said. Engineering Export Promotion Council (EEPC) chairman Mahesh Desai said that India’s engineering cumulative engineering exports increased from USD 32.4 billion in April to September in 2020 to USD 52.3 billion during the same period this year. 

“On an annualised basis, this would translate to USD 105 billion in 2021-22. In the first six months, 49 per cent of the target has been achieved,” Desai said. 

Among other countries which recorded positive growth included Germany, Turkey, Italy, UK, Mexico, Vietnam and Singapore, EEPC said. 

Welcoming the move to fast-track FTAs with as many as six countries and trading blocs, Desai said the government should take lessons from earlier such agreements. “The FTAs signed earlier led to increased imports for some items in ferrous and non-ferrous sectors from countries like Korea and Japan. Hence there is a need to take a cautious stance while signing new FTAs.”