Engineering exports down 16 pc to $4.5 bn in June

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SME Times News Bureau | 13 Aug, 2012
Due to weak demand in global market, engineering exports declined by nearly 16 percent to USD 4.5 billion in June, said data reviled by Engineering Export Promotion Council (EEPC).

According to the exports data, in June last year, these exports stood at USD 5.3 billion, according to Engineering Export Promotion Council (EEPC) data.

The US and Europe together account for over 60 per cent of India's total engineering exports.

The first quarter of the current fiscal year (April-June 2012) shows that engineering export dipped by 8.72 percent to USD 14.3 billion over April-June 2011.

The dip in engineering exports in first quarter 2012-13 is primarily because of the poor performance of four major sectors (in terms of absolute value of exports); Iron and Steel; Aircrafts; Spacecrafts and parts; Ships, boats and floating structures and Other Construction Machinery and two other relatively less exports value sectors, namely, "other miscellaneous items" and "Machine Tools".

Engineering Exports accounts for 20 pc of India's Total Exports. Thus, the fortune of India's engineering exports plays a significant part in determining the overall growth of India's Total Exports, report said.