Singapore: Top mkt for Indian engineering exports
Findings from Engineering Export Promotion Council (EEPC) reveal that India’s exports rising 95% to US$ 553 million from a year earlier, Singapore has replaced the United States as India’s biggest overseas market for engineering parts in April. Meanwhile the country’s engineering exports to the United States declined 75% to $222 million.
Some of the key commodities that Singapore imports from India include electrical machinery, components, aircraft and ship parts and non-ferrous metal. In the last few years, Singapore has emerged among the top 10 destinations for Indian engineering exporters, with exports of more than US$ 80 billion in 2018/19.
The total engineering exports were down 63.9% in April to US$ 2.31 billion from US$ 6.4 billion last year. According to industry insiders, industrial machinery and auto parts, constitute nearly a quarter of total goods exports, contracting in April and May due to the coronavirus and weak global demand.