Even as India's exports remained muted despite the global economy performing well, the data show that the world is pretty interested in purchasing India's products that will cheer up engineers.
Even as India’s exports remained muted despite the global economy performing well, the data show that the world is pretty interested in purchasing India’s engineering goods. India’s exports are dominated by engineering goods and constituted 24% of the total goods exports in the financial year 2016-17, a report by Deloitte said. Engineering goods range from cars, automobile parts to spacecraft products.
In fact, engineering goods in the international have been doing well for quite some time now. In October 2014, the exports surged as much as 20% on year. “Engineering goods showed a spectacular improvement in the exports by making high levels of growth momentum and competitiveness, and bringing considerable foreign exchange to India,” an Asia-Pacific Journal of Research report said.
The indigenization and self-sufficiency goals of the import substitution had made momentum to the growth of Indian Engineering goods sector. Not only that, a report by Engineering Goods Export Promotion Council said that this industry provided employment to more than 4 million skilled and unskilled workers in India.
India’s engineering products are in high demand in the United States and Europe. Latest data show that 60% of the total engineering goods go to these two. Other major markets for Indian engineering goods are Saudi Arabia,
Thailand, Czech Republic, Bangladesh, Egypt, Singapore, United Arab Emirates, United Kingdom, China, Malaysia, Indonesia and Netherlands.
Besides engineering goods, highest growth has been seen in sectors such as gems and jewellery, mineral fuels, machinery, pharmaceuticals, organic chemicals, electrical machinery textiles among others. Overall, US, United Arab Emirates, ASEAN, Hong Kong, and China continue to be India’s largest export destination, followed by UK, Germany and Sri Lanka.