Robust growth in engineering exports, up 119 pc in May

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SME Times News Bureau | 23 Jun, 2011
Increase in demand from EU and US leads engineering exports were up 119.4 pc to USD 7.9 billion in May compared to the same month last year.

During April-May this year, engineering exports grew by 115 percent to about USD 14.5 billion. According to the latest data released by the Engineering Export Promotion Council (EEPC), in May last fiscal, engineering exports stood at USD 3.6 billion.

"Besides an increase in demand from the US and Europe, we are getting good number of orders from new markets like Latin America and Africa," an EEPC official said.

Enthused by the impressive growth in the last fiscal, the council has set up an export target of USD 72 billion for the 2011-12 fiscal.

Engineering exports saw the highest-ever growth of about 85 percent to USD 60.1 billion in 2010-11 on account of growing demand for the goods from traditional as well as emerging markets.

In the government's strategy to double the country's exports to USD 500 billion by 2013-2014, engineering exports are set to play a major role.

During 2010-11, India's exports grew 37.5 percent to USD 245.9 billion.