As per the report, India's exports of engineering goods amounted to Rs. 99,550 crore (US$ 11.03 billion) in November, demonstrating massive growth in exports to the United States and Europe as well as a continuation of international demand for Indian engineering goods and the engineering sector's ability to adapt during this time of significant change in international trade. Export values to the US increased by more than 20% compared to the previous year, while export values to the EU also saw double-digit percentage increases, indicating continued strong trade links between India and both regions, and with many other developed nations. Engineering goods exported by India comprise numerous types of products, including machinery, auto parts, electrical products, and industrial equipment. These engineering goods play an important ongoing role in generating growth for Indian merchandise exports and enhancing global competitiveness.
Analysts of the Export Sector see the engineering industry's broad-based export growth as a reflection of new and improved supply chain connections, new and improved destination markets, and greater integration within Global Value Chains. They report that engineering producers are benefiting from the inclusion of policy initiatives, export promotion programs, and improved access to new markets in terms of their excellent performance. With the increase in the pace of Global Economic Recovery, Indian Engineering Exporters will continue to take advantage of this opportunity and strengthen their competitive position in both traditional and developing markets. While the increased volume of Engineering Exports has resulted in a resounding show of strength for India's International Trade, they also represent a growing contribution to India's overall Economic Growth and development through a significant increase in Foreign Trade Receipts.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.