Exports of engineering goods cross $9 billion in September: EEPC
Engineering Export Promotion Council (EEPC) chairman Mahesh Desai has said that exports of engineering goods have crossed $9 billion in September 2021, while 22 out of 25 top export destinations such as China, the UK, and UAE have recorded positive growth. It said share of engineering goods in overall merchandise exports stood at 26.65 percent in September.
EEPC chairman has stated that India's engineering cumulative engineering exports increased from $32.4 billion in April to September in 2020 to $52.3 billion during the same period this year. On an annualized basis, this would translate to $105 billion in 2021-22. In the first six months, 49 percent of the target has been achieved. Among other countries which recorded positive growth included Germany, Turkey, Italy, the UK, Mexico, Vietnam, and Singapore,
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. He said the FTAs signed earlier led to increased imports for some items in ferrous and non-ferrous sectors from countries like Korea and Japan. Hence, he said there is a need to take a cautious stance while signing new FTAs.
