Global vaccine rollout to boost exports: EEPC India
There is also a gradual recovery in global trade which will have a positive impact on the export sector in India," said EEPC Chairman Mahesh Desai.
New Delhi: Global rollout of Covid-19 vaccines is expected to boost exports in the coming months, EEPC India said.
“Given the initiatives announced by the government and the speedy rollout of vaccination, we expect the growth to return in the coming months. There is also a gradual recovery in global trade which will have a positive impact on the export sector in India,” said the Chairman of Engineering Export Promotion Council of India (EEPC), Mahesh Desai.
Last month, India’s merchandise exports rose marginally to $27.93 billion from $27.74 billion recorded in February 2020. Accordingly, the share of engineering items in total merchandise exports was 23.49 per cent during this period.
“Lower exports during February 2021 could be partly attributed to the base effect as shipments had seen a sudden surge in the corresponding period last financial year. However, drop in shipments is certainly a cause of concern for exporters,” Desai said.
Besides, the EEPC India cited that China, Singapore, Germany, Thailand and Italy were among the nine countries that saw high double-digit growth in demand for Indian engineering goods in February 2021.
Exports to China, India’s second largest export destination, recorded a positive growth in both monthly as well as cumulative terms.
“While shipments to China jumped 68 per cent to $235.58 million in February, exports during April-February of FY21 saw a stellar year-on-year growth of 114 per cent to $4276.49 million,” the EEPC analysis report said.
As per EEPC data, North America continued to be the biggest market for Indian engineering goods with 18.3 per cent share while the European Union (EU) and ASEAN ranked second and third in the pecking order, respectively.
“The EEPC analysis showed engineering exports to the EU recording positive monthly growth in February 2021 compared to February 2020 after a long hiatus,” it said.
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