In the month of December 2021, exports of engineering goods touched USD 9.79 Billion
Engineering goods exports surged to USD 81.8 billion during April-December 2021 as compared to USD 52.9 Billion during same period in 2020, registering a stupendous growth of 54 percent, the Ministry of Commerce & Industry shared in a report.
The engineering goods sector comprises of metal products, industrial machinery and equipment, automobiles and its components, transport equipment, bicycles, medical devices and renewable equipment.
As compared to April-December 2019 (USD 59.8 Billion), exports of engineering goods registered a growth of 37 percent while this represents a growth of 49 percent compared to April-December 2014 (USD 55.0 Billion).
In the month of December, 2021, exports of engineering goods touched USD 9.79 Billion, registering a growth of 38.41 percent over $7.07 Billion logged in December 2020.
The overall exports of engineering goods in FY21 was USD 76.62 Billion, and with the sector already logging USD 81.8 Billion in the first three quarters of FY2021-22, the sector is set to scale further record highs despite the impact of the Covid19 pandemic since January, 2020.
India’s top five export destinations for the Engineering Goods sector in April-November 2021 (as per latest available data, share per cent mentioned in bracket) are: USA (14.7 percent), China (5.8 percent), UAE (5.1 percent), Italy (4 percent) & Germany (3.4 percent).
Engineering Goods sector constitutes the largest, more than 27 percent, share of India’s total exports basket during the period.
As per the Ministry, the impressive growth in Engineering Goods exports in recent years has largely been due to the Zero duty Export Promotion Capital Goods (EPCG) scheme of the Ministry of Commerce & Industry and forms part of the Foreign Trade Policy (FTP) of Government of India.
