India's engineering goods exports registered a growth of 52.4% during the month of June 2021

Merchandise exports in June 2021 were US$ 32.50 billion, as compared to US$ 21.91 billion in June 2020, exhibiting a positive growth of 48.34%. Indian engineering exports were on their upward journey in June 2021 following the trend of the last two months. India’s engineering goods exports registered a growth of 52.4% during the month of June 2021 as compared to the same period last year. With reference to June 2019, the growth witnessed (in June 2021) was 41.9%.

Engineering exports which stood at US$ 6,274.9 Million in June 2019 and US$ 5,841.6 in June 2020 rose to US$ 8,903.5 million in June 2021. Cumulative engineering exports during April-June 2021-22 were to the tune of US$ 24772.6 million, witnessing a massive growth of 82% vis-a-vis April-June 2020-21, and growth of 24.8% vis-a-vis April-June 2019-20.

The panels which registered significant growth of exports during April-June 2021 vis-a-vis April-June 2019 were Copper and products (250.4%); Iron and Steel (156.6%); Zinc and products (83.7%); Aluminium and products (69.9%); Tin and products (55.2%); Two and Three wheeler(46.6%); Lead and products (43.4%); Other non- ferrous Metals (33.1%); Industrial Machinery for dairy, food processing, textiles (32%); IC Engines and Parts (22.1%); and Auto components/parts (18.8%). It is observed that, overall, the total exports (in the panels registering positive growth) rose from US$ 13.72 billion in April-June 2019 to US$ 19.85 Million April-June 2021 (44.7%).

Among the panels witnessing negative growth during April-June 2021 (vis-a-vis April-June 2019) included industrial machinery like boilers, parts, etc(-37.5%); Nickel and products (-53.3%); Air condition and refrigerator (-22.1%); motor vehicles/cars (-21.8%); Aircrafts and spacecraft parts and products (-29%); ships boats and floating products and parts (-23.2%) and other engineering products relating to railway transport; prime mica and mica products; and office equipment etc. It is observed that, overall, in value terms, the aggregate exports in these panels fell from US$ 6.12 billion in April-June 2019 to US$ 4.73 billion April-June 2021 (- 22.7%).

The automobile sector (comprising of Motor Vehicles/Cars, Two and Three wheelers and also Auto components/parts) registered a growth of 1.7% in the first quarter of current year vis-à-vis same period of 2019-2020. With reference to the first quarter of 2020-21, the growth in exports in the current year in the sector is seen to be 195%. This is primarily due to sharp jump in exports of Two and Three Wheelers (by 279%); Motor Vehicles/Cars (by 159%); and Auto components/parts (by 204%).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.