Engineering goods shipments to China has more than doubled in November, 2021 to USD 434.6 million (Rs 32,60 crore approximately) as compared to USD 205.3 million (Rs 1540 crore) in the same month last year, sector export promotion body EEPC said on Friday.
The US, however, remained the top importer of Indian engineering goods at USD 1196 million during this period, registering a growth of 36.6 per cent over USD 875 million in November, 2020. The UAE was the third biggest market for Indian engineering goods with a total shipment value of USD 404.4 million in the previous month. India’s engineering exports continued to grow in November 2021 but a decline was observed in the value of shipment, EEPC said.
However, total engineering goods exports slowed down to USD 7.7 billion (Rs 57,000 crore approx) in November from 9.03 billion (Rs 67,000 crore in October 2021). However, the growth was still substantial at 37.12 per cent over the exports of November 2020 at USD 5.62 billion.
”The slowdown seems to be indicating the distress exporters are facing given volatility in world demand and the uncertainty regarding the pandemic which has been triggered by the new variant Omicron. Experts around the globe have already predicted that while the global trade growth is remarkable it is not even across the countries,” EEPC India Chairman Mahesh Desai said.
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Expectations of positive growth in the country’s exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022.