Engineering exports to US, China and UAE grew strongly in October
Exports of technical goods to the US rose 68.4 percent (year-on-year) to $1.45 billion in October 2021, while shipments to China rose 165 percent to $635.6 million.
“With cumulative exports of $60.98 billion from April-October 2021-22, the tech goods sector has met 57 percent of its full-year target,” a statement from EEPC India said on Thursday.
The increase in exports was spread across products and destinations.
All 33 categories of engineering goods, including aircraft parts and marine boats and floating products, posted export growth in October 2021, the release said.
During this period, exports showed an increase in 23 of the 25 top export destinations. Exports to three top destinations – the US, China and the UAE – saw a strong increase in October due to a strong economic recovery and pent-up demand.
“Over the past decade, the share of engineering exports in India’s total goods exports has increased significantly from about 17% to 26%. This growth is largely attributed to the constant upgrade of the value chain and the exploration of new economies,” said EEPC. Chairman Mahesh Desai. said.
Exports to the UAE also rose 70 percent in October 2021 to $467.5 million.
However, exports of technical goods to Mexico and Malaysia fell by 12 percent and 58 percent respectively in October.