Though India’s engineering exports continued to grow in November 2021, the value of shipment declined in the month
India’s engineering goods exports to China have seen a more than double spike in November with $434.6 million worth of shipments from the $205.3 million in the same period in 2020.
The top importer of Indian engineering goods was still the US, with $1196 million during this period, registering a growth of 36.6 percent over $875 million in November 2020.
The UAE was the third biggest market for Indian engineering goods with total shipment value at $404.4 million in the previous month.
Though India’s engineering exports continued to grow in November 2021, the value of shipment declined in the month.
An EEPC India analysis of the monthly data showed engineering exports in November 2021 slowed down to $7.7 billion from $9.03 billion in October 2021. However, the growth was still substantial at 37.12 percent over the exports of November 2020 at USD 5.62 billion.
Engineering exports in November 2021 were even higher by 25.74 percent as compared to exports in November 2019 when the economy was free of any pandemic effect.
After four months of continually hitting almost the US$ 9 billion mark, engineering exports in November came down to around US$ 7.7 billion.
“The slowdown seems 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.
Meanwhile, the share of engineering in total merchandise export was 26.89% in November 2021 as against 26.37% in October 2021, 26.65% in September 2021 and 27.68% in August 2021.
On a cumulative basis, the share was 27.31% during April-November 2021-22.
As regards various segments of the sector, 28 out of 33 engineering panels witnessed positive year-on-year growth in exports during November 2021 while on a cumulative basis for April-November 2021-22, 31 out of 33 panels experienced a growth.