India’s Engineering Goods Exports Grew 52.4% in June 2021
Merchandise exports in June 2021 were USD 32.50 Billion, as compared to USD 21.91 Billion in June 2020, exhibiting a positive growth of 48.34 per cent. Indian engineering exports were on their upward journey in June, 2021 following the trend of the last two months. India’s engineering goods exports registered a growth of 52.4% during the month of June 2021 as compared to the same period last year. With reference to June 2019, the growth witnessed (in June 2021) was 41.9%.
Engineering exports which stood at USD 6274.9 Million in June, 2019 and USD 5841.6 in June 2020 rose to USD 8903.5 million in June 2021. Cumulative engineering exports during April-June 2021-22 were to the tune of USD 24772.6 million, witnessing a massive growth of 82% vis-a-vis April-June 2020-21, and growth of 24.8% vis-a-vis April-June 2019-20.
The panels which registered a significant growth of exports during April-June 2021 vis-a-vis April-June 2019 were Copper and products (250.4%); Iron and Steel (156.6%); Zinc and products (83.7%); Aluminium and products (69.9%); Tin and products (55.2%); Two and Three-wheeler(46.6%); Lead and products (43.4%); Other non-ferrous Metals (33.1%); Industrial Machinery for dairy, food processing, textiles (32%); IC Engines and Parts (22.1%); and Auto components/parts (18.8%). It is observed that, overall, the total exports (in the panels registering positive growth) rose from USD 13.72 Billion in April-June 2019 to USD 19.85 Million April-June 2021 (44.7%).
Among the panels witnessing negative growth during April-June 2021 (vis-a-vis April-June 2019) included industrial machinery like boilers, parts, etc(-37.5%); Nickel and products (-53.3%); Air condition and refrigerator (-22.1%); motor vehicles/cars (-21.8%); Aircrafts and spacecraft parts and products (-29%); ships boats and floating products and parts (-23.2%) and other engineering products relating to railway transport; prime mica and mica products; and office equipment etc. It is observed that, overall, in value terms, the aggregate exports in these panels fell from USD 6.12 Billion in April-June 2019 to USD 4.73 Billion April-June 2021 (- 22.7%).
The automobile sector (comprising of Motor Vehicles/Cars, Two and Three wheelers and also Auto components/parts) registered a growth of 1.7% in the first quarter of current year vis-à-vis same period of 2019-2020. With reference to the first quarter of 2020-21, the growth in exports in the current year in the sector is seen to be 195%. This is primarily due to sharp jump in exports of Two and Three Wheelers (by 279%); Motor Vehicles/Cars (by 159%); and Auto components/parts (by 204%).