Engineering exports grow 17% to $76 bn in FY18
Engineering exporters’ apex body EEPC India said India’s exports grew by 17 per cent to USD 76 billion in financial year 2017-18.
The engineering exports, which account for over 25 per cent of the country’s total merchandise exports, grew to USD 76 billion against USD 65.23 billion in FY17 on the back of robust performance of the sector, the Engineering Export Promotion Council (EEPC) India said in a release.
“The stellar performance of the sector is mainly attributed to the metal pack even as the US remained the top market for us,” EEPC India chairman Ravi Sehgal said.
Iron and steel exports registered a 29.42 per cent growth during FY18 to USD 11.20 billion, from USD 8.66 billion in FY17.
Products of iron and steel recorded growth in exports by 14.82 per cent to USD 6.76 billion during FY18, against USD 5.89 billion during FY17, according to the release.
The US continued to be the top most exporting destination for India’s engineering products, registering a 44.3 per cent growth for the last financial year.
“The US economy is growing at a steady and a rapid pace and we should be able to take advantage. However, at the policy level, we are expecting lot more support from the government, including faster clearance of tax refunds,” said Sehgal.
The US was also the largest importer of Indian industrial machinery with a 25 per cent year-on-year growth, followed by the UK with 44 per cent increase in shipments, the apex body said.