Engineering Goods Exports Rise 54 Per Cent To $81.8 Billion In April-December 2021

The exports of engineering goods jumped to $81.8 billion during April-December 2021 (provisional) as compared to $52.9 billion during same period in the previous year, registering a growth of 54 per cent, an official release said on Monday (24 January).

The engineering goods sector constitutes the largest, more than 27 per cent, share of India’s total exports basket during the period.

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 ($59.8 billion), exports of Engineering Goods registered a growth of 37 per cent while this represents a growth of 49 per cent compared to April-December 2014 ($55 billion), the Commerce Ministry said in a release.

In the month of December 2021, exports of engineering goods touched $9.79 Billion, registering a growth of 38.41 per cent over $7.07 billion logged in December 2020.

The overall exports of engineering goods in the last Financial Year (March 2020-April 2021) was $76.62 billion, and with the sector already logging $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 Covid-19 pandemic since January 2020.

The ministry said that as per latest available data, India’s top five export destinations for the engineering goods sector in April-November 2021 are USA with 14.7 per cent share, followed by China (5.8 per cent), UAE (5.1 per cent), Italy (4 per cent) and Germany (3.4 per cent).