In April 2021, export of engineering goods up by 234.63%
During April 2021, exports of engineering goods increased by 234.21% yoy, clearly indicating that trade is coming back on track, with future expectations for trade positive. Engineering Export Promotion Council (EEPC) India’s Chairman, Mahesh Desai said, the growth has been due to robust demand while low base in last year is also responsible.
“The recent surge in Covid-19 cases has posed risks to the growth but we remain hopeful of continued recovery during the year. The WTO has also revised its projection upward and expects he global trade volume to increase by 8% in 2021,” he commented. He further added that the excellent performance of export of engineering goods is comforting for the Indian exporters who were impacted due to the pandemic.
EEPC Chairman stated that restrictions in various states due to the second wave of COVID-19 in India are likely to cause logistical issues and shortage of workers, but it would be short term problem only. Some economic indicators have reflected India’s recovery. Gross GST collection recorded growth in April while output of Core sector increased by 6.8%. He further commented that vaccine drive would lead to further improvement in demand and consumption.