70% yoy growth in exports of engineering goods
Exports of engineering goods from India witnessed an impressive 70.28 % yoy growth in March 2021. Growth in total merchandise exports during March has been 58% yoy, with the value of exports during the month equal to US$ 34 billion. The impressive growth in the sector brings the hope for sustained growth in the coming months, supported by vaccination drive and control of the virus spread.
“The strong growth in exports of engineering goods in March suggests a bright outlook for the sector but one needs to be cautious before arriving at any conclusion based on short term surge,” said Mahesh Desai, Chairman at EEPC. International trade overall is also expected to reach the pre-Covid level soon, with big economies like India taking steps to improve business activities and demand in the economy. Engineering goods account for a 25% share in India’s merchandise exports.