According to Engineering Exports Promotion Council (EEPC) India The Russo-Ukraine war has posed risks to economies and trade globally, but sanctions imposed by several developed countries on Russia could bring opportunities for Indian engineering exporters in the global market.
The Russia-Ukraine conflict is currently the most sensitive issue plaguing the global economy, while the sudden rise in COVID cases in China is also a major concern on the global supply chain.
Inflationary pressures in the US and real estate volatility in China will have an impact on business growth.
Rising steel prices and some financial issues are also expected to act as a hindrance to exports in the coming months.
india’s engineering exports
India's engineering exports registered 19.7% growth in March 2022 by climbing up to $11.13 billion from $ 9.29 billion in March 2021.
Exports during April-March stood at $112.10 billion, registering 46.12% growth over the previous year.
In financial year 22, the share of engineering in total merchandise exports was 26.7%.
Out of 34 engineering product panels, 32 showed positive growth during 2021-22 as compared to 2020-21.
India’s engineering exports surpassed the target of $107.34 billion for Financial year 2021-22 set by the Government of India.
Among the top 25 major markets for Indian engineering goods, exports to the US jumped 61 per cent to $2.02 billion in March from $1.26 billion in the same month last year.
Engineering exports to UAE surged 78.9% in March, 2022 to US$ 553 million.
The top 25 countries such as the US, UAE, China, Germany, Italy and Singapore account for about 75% of the total engineering exports from the country.
Italy, UAE and Belgium were the top three importers of Indian Iron and Steel during 2021-22.
The US was the largest importer of Indian 'industrial machinery' during 2021-22 in the global imports of India's product group.
South Africa, Mexico and Nigeria were the top three importers of automobiles from India during 2021-22.
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