Chennai: Export of engineering goods to West Asia and North Africa (WANA), North East Asia, and CIS countries recorded positive growth in the first eight months of the current financial year.
Exports of engineering goods during the period April to Nov. of the current financial year have dipped 1.81 per cent at $69.46 billion as against $70.74 billion in the year ago period as shipments to key regions like North America, EU, ASEAN and South Asia witnessed decline during this period. However, exports to some newer markets like WANA, North East Asia, and CIS countries showed growth.
Exports to WANA showed 20 per cent growth in the April-Nov. period, while it recorded 35 per cent growth in the month of November. WANA accounts for 14 per cent India’s total engineering exports.
North East Asia witnessed 6 per cent and CIS countries saw 110 per cent growth in exports from India during the eight-month period. The regions witness 2 per cent and 50 per cent growth respectively in November.
Copper and products recorded 48 per cent growth, lead and products 80 per cent and tin and products 36 per cent during the eight-month period.
Industrial machinery made a 10 per cent growth, air condition and refrigerators 4 per cent, and machine tools 8 per cent.
“Overall, factors like high-interest rates and weakening industrial output, volatility in commodity prices and increase in trade-restrictive measures are affecting global trade and in turn India’s engineering exports,” said Engineering export promotion council chairman Arun Kumar Garodia.
