New Delhi: In a clear sign of the country’s strength in producing high quality machinery, automobiles and auto-components, India’s export of engineering goods jumped by 52.4% in the month of June on a year-on-year basis. In comparison with June 2019, the growth is 41.9%. Engineering exports, which was over $6.27 billion in June 2019, dipped to $ 5.84 billion in June 2020 and rose to $8.9 billion in June this year.
Cumulative engineering exports during April-June period in the current fiscal has been estimated at over $24.77 billion an increase of 82% which is primarily attributable to a low base effect as the country was under a complete lockdown during the three month period last year. However, in comparison with engineering exports during the same period of 2019, which provides a better understanding, it registered a growth of 24.8%.
Significant improvement
In comparison with engineering exports during the April-June period of 2019, export of copper and products jumped by over 250%, iron and steel (156.6%), zinc and products (83.7%), aluminium and products (69.9%), tin and products (55.2%), two-and-three wheelers (46.6%), and lead and lea d products by 43.4%. Similarly, the export of non-ferrous metals jumped by 33.1%, industrial machinery for dairy, food processing and textiles increased by 32%, IC and engine parts by over 22% and export of auto components, auto parts increased by 18.8%.
Negative growth
However, despite a massive jump of nearly 42% in comparison with exports during April-June 2019, there are signs of concerns as well. Export of industrial machinery like boilers, parts declined by 37.5%, nickel and products declined by over 53%, air condition and refrigerators registered a decline of over 22%.
The export of motor vehicles and cars declined by 21.8%, aircrafts and spacecraft parts and products registered a sharp decline of 29%, ships, boats and floating products and parts declined by over 23%. Export of the engineering products related to railways, mica and mica products and office equipment also registered decline during this period.
