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'Engineering exports pushed by non-ferrous metals demand'
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SME Times News Bureau | 27 Feb, 2021
A sharp rise in global demand for non-ferrous metals like copper,
aluminium and zinc along with their products have aided India's
engineering exports through the Covid-19 pandemic, an EEPC India
analysis showed on Saturday.
Accordingly, the study showed a near
16 per cent increase in overall engineering exports during January 2021
over the same month last year.
The growth, report cited was
influenced by a sharp rise of 66.66 per cent in shipments of copper or
copper products to $138.50 million from $83.10 million.
Likewise, zinc and products witnessed a rise of 39 per cent in shipments to $72.17 million from $52 million.
Similarly,
shipments of aluminium and products went up by 21 per cent to $512
million from $423 million for the month, on an annualised basis.
"The
non-ferrous metals are in great demand in the international market
thanks to their usage in electric vehicles and their batteries as the
world moves towards cleaner energy," EEPC India Chairman Mahesh Desai
said.
As per the analysis report, Malaysia, South Korea, China,
the US and Singapore were the top destinations for export of non-ferrous
metals from India.
"Iron and steel, the largest contributor to
the country's engineering exports, too saw an impressive increase of
17.47 per cent in shipments during the month under review on Y-on-Y
basis," EEPC India said in a statement.
"These shipments went up to USD 847 million from USD 721 million for the month."
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