India doubled engineering exports to China in FY21 at $4.8 billion
In the financial year 2020-21 (FY21), engineering exports from India to China rose by 128% to $4.8 billion as compared to the previous year. The development occurred in a year when relations between the two countries hit a trough after a skirmish in Galwan between the soldiers of the two countries resulted in casualties on both sides.
The momentum continued in April this year. India’s engineering exports to 23 out of 25 key markets, including US, China, Germany and Italy showed positive year-on-year growth in the first month of FY21 amid overall growth in merchandise trade owing to low base of the previous year, according to a Times of India report.
The US continued to be the biggest market for India’s engineering exports followed by China. Exports to the US jumped more than 400% in the first month of fiscal 2021, shipments to India’s second-largest export destination grew by 143.3%, according to Engineering Exports Promotion Council (EEPC). Among the top 25 markets for India’s outbound shipments, exports to Malaysia and Singapore slipped in April.
“India recorded $73.1 billion in exports of engineering goods during 2020-2021 despite adverse economic environment because of the Covid-19 pandemic,” said EEPC.
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