September engineering goods exports cross $9 billion: EEPC

Exports of engineering goods have crossed $9 billion in September 2021, even 22 out of 25 top export destinations such as China, the U.K. and the UAE have recorded growth, EEPC said.

The share of engineering goods in overall merchandise exports stood at 26.7% in September, the export promotion body said.

Engineering Export Promotion Council (EEPC) chairman Mahesh Desai said that India’s cumulative engineering exports rose from $32.4 billion in April-September, 2020 to $52.3 billion in the same period this year.

“On an annualised basis, this would translate to $105 billion in 2021-22. In the first six months, 49% of the target has been achieved,” Mr. Desai said. Other destinations that recorded growth included Germany, Turkey, Italy, U.K., Mexico, Vietnam and Singapore, EEPC said.

‘Lessons from earlier’

Welcoming the move to fast-track free trade agreements (FTAs) with as many as six countries and trading blocs, Mr. Desai said the government should take lessons from earlier such agreements.

“The FTAs signed earlier led to increased imports for some items in ferrous and non-ferrous sectors from countries like Korea and Japan,” the chairman said.

“Hence there is a need to take a cautious stance while signing new FTAs,” Mr. Desai added.