NEW DELHI :
Engineering goods shipment to China more than doubled in November to $434.6 million compared with $205.3 million in the corresponding month of last year. However, the US was the top importer of Indian engineering goods at $1196 million, up 36.6% from over $875 million in November 2020.
The UAE was the third biggest export market for Indian engineering goods worth $404.4 million.
Though engineering exports continued to grow in November in terms of volumes, value of shipments witnessed a decline month-on-month. According to an Engineering Export Promotion Council of India analysis of the monthly data, engineering exports slowed to $7.7 billion in November from 9.03 billion in October. However, the growth was substantial at 37.12% against exports of $5.62 billion in November 2020. Engineering exports in November was also higher by 25.74% compared with November 2019.
After hitting the $9 billion mark four months in a row, engineering exports declined in November to $7.7 billion. “The slowdown seems to be indicating the distress exporters are facing given the volatility in global demand and the uncertainty around the pandemic which has been triggered by the new variant Omicron. Experts have predicted that while global trade growth is remarkable it is not even in all the countries,” EEPC India chairman Mahesh Desai said.
Recent reports by the World Trade Organization and the United Nations Conference on Trade and Development have flagged concerns over China’s below par growth and unpredictable swings in major markets that may mar the growth momentum of global trade.
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