Indian engineering exports are benefiting from an impressive turnaround in demand in most of the developed economies especially the U.S., which accounted for an annual growth of 91% in shipments in September this fiscal, according to an analysis by EEPC India, the apex body for Indian engineering exporters.
The U.S. continued to be the topmost exporting destination for India's engineering products in September 2017, registering a huge expansion both on monthly as well as on cumulative basis during April-September 2017-18 over the same period last fiscal.
While the shipments of engineering exports to the US went up by a whopping 91% to $1.53 billion in September, 2017 from $551 million in the same month last fiscal, the April-September exports had gone up over by 47% to $4.79 billion from $3.25 billion in the first half of the previous fiscal.
Since the demand pick up, particularly in iron and steel, all ferrous and non-ferrous metals, is evident in the global market, the exports are expected to remain buoyant.
All European nations falling under the top 25 engineering export destinations like Germany, Italy, Belgium, Netherland, France and Poland also recorded considerable growth.
Engineering exports to Germany saw a jump of over 67% to $288 million in September, 2017 over $172 million in the same month last fiscal.
Likewise, the shipments to Italy rose by 30% to $209 million from $161 million.