The Indian engineering exports have been driven by the developed countries like the US, which shows an increase in demand and leads to growth in export. An analysis made by EEPC India which shows that during September 2017, annual growths in engineering shipments reach 91%. For Indian engineering exporters, the EEPC India is an apex body.
In September 2017 India’s top destination for engineering products remained the U.S. which shows during the period April-September 2017 a remarkable increase in both monthly and cumulative shipments when compared with the same period of the last year, as per an analysis by EEPC India
When compared to the same month of the last year, in September 2017, the shipments of engineering exports to the U.S. increased by 91% and reached to $1.53 billion from $551 million. in the same period of the last fiscal, the April-September engineering exports saw a growth of 47% reaching $4.79 billion from $3.25 billion.
The chairperson of EEPC India T.S. Bhasin informed that “Since the requirement chooses up, particularly in iron and steel, all ferrous and non-ferrous metals, is obvious in the international market, we predict the exports to stay confident, with the exception of any major negative occasion.”
The European countries like Germany, Italy, Netherlands, France, and Poland that fall in the top 25 engineering trade markets also showed an extensive growth. In September 2016, the Engineering exports to Germany increased from $172million by 67% and reached $288 million in September 2017. To Italy, the engineering goods shipments increased by 30% reaching to $209 million in September 2017 from $161 million in the same month of last fiscal.