India’s engineering goods exports jumped 13.5% to $9.79 billion in May 2022 from $8.62 billion in the same month last year, the analysis shows. Monthly Export Trends from EEPC India.
Cumulative engineering exports for April-May 2022-23 were recorded at $19.39 billion, 16.84% higher than the $16.60 billion in exports recorded during the corresponding period of Last year.
The United States remained the main market for Indian engineering products in May, while shipments to China declined. No less than 18 of India’s top 25 engineering goods markets recorded positive growth in May 2022.
Exports to the United States jumped 63.2% year-on-year to $1.81 billion in May this year from $1.11 billion in the corresponding month a year earlier. Other countries that recorded positive import growth from India in May included Germany, Singapore, UK, Italy and Thailand.
Exports of engineering goods to China, however, fell 52% year-on-year in May 2022 to $217.4 million from $451.7 million in the same month last year.
The top 25 countries contribute nearly 75% of India’s total engineering exports.
In terms of region, the maximum export growth was observed in North America, followed by the EU in monthly and cumulative terms.
The share of engineering in total merchandise exports was recorded at 25.14% in May, while it was 24.64% for April-May 2022-23.
Commenting on engineering export trends so far this fiscal year, EEPC India President Mahesh Desai said, “While the trend looks impressive, some concerns are still there. One of the biggest concerns is the Russian-Ukrainian war which has severely hampered shipments to CIS countries and may have a ripple effect on the global economy.”
He noted that the resurgence of COVID and the resulting damage to business prospects in some industrial cities could also negatively impact the global trade scenario.