Engineering exports to ASEAN countries fall by 3.05%; exports to USA improve by 8%
Updated: Mar 20, 2014 01:08:26pm
New Delhi, Mar 20 (KNN) Owing to steep decline in shipments to the key ASEAN markets of Singapore, Malaysia, Indonesia and Thailand with which India has a Free Trade Agreement, the country’s engineering exports fell by 3.05 per cent in February for the first time in seven months, according to EEPC.
Engineering exports to these countries went steeply down by -- 79.11 per cent to Singapore, a major member of the Association of Southeast Asian Nations; Thailand (61 per cent), Malaysia (70 per cent) and Indonesia (36 per cent), according to engineering exporters body EEPC India.
Meanwhile, engineering exports to USA got better and turned around from negative to positive, growing by eight per cent, though the April-February cumulative data for the US still remains negative to the extent of about five per cent.
"The slow demand in the South East countries has really depressed the overall situation for engineering exports, which had shown a tremendous growth in the seven months, preceding February.
“While the April-February data would show a growth of little over 10 per cent for the total engineering exports, we have to ensure that the February despatches do not form a trendline... With the elections scheduled next month, the government would also not be able to help either....we will have to wait for the next government," Chairman of the EEPC India, Anupam Shah said.
While the exports to the ASEAN countries dropped sharply, the data showed a sizeable improvement in shipments of key engineering products to South Korea and Japan, the two other countries with which India has entered into a free trade pact.
The despatches to South Korea in February, 2014 went up by over 60 per cent while to Japan they were up 16 per cent.
Also, several major sectors have shown negative growth in February, 2014 in comparison to the same month of 2013. Segments with low engineering exports during February, 2014 include Iron and Steel that accounts for about 14 to 15 per cent of India's total engineering exports. The sector's export fell by 14.19 per cent to USD 708.79 million as opposed to USD 826 million in February 2013.
Segments with low engineering exports in February include Iron and Steel category that accounts for about 14-15 per cent of India's total engineering exports. The sector's export fell by 14.19 per cent to USD 708.79 million, as against USD 826 million in February 2013
Besides, Industrial Machinery, which accounts for 14 per cent of India's engineering exports, witnessed negative growth of 8 per cent recording exports of USD 785.94 million in February, EEPC India said. (KNN/SD)
Engineering exports to these countries went steeply down by -- 79.11 per cent to Singapore, a major member of the Association of Southeast Asian Nations; Thailand (61 per cent), Malaysia (70 per cent) and Indonesia (36 per cent), according to engineering exporters body EEPC India.
Meanwhile, engineering exports to USA got better and turned around from negative to positive, growing by eight per cent, though the April-February cumulative data for the US still remains negative to the extent of about five per cent.
"The slow demand in the South East countries has really depressed the overall situation for engineering exports, which had shown a tremendous growth in the seven months, preceding February.
“While the April-February data would show a growth of little over 10 per cent for the total engineering exports, we have to ensure that the February despatches do not form a trendline... With the elections scheduled next month, the government would also not be able to help either....we will have to wait for the next government," Chairman of the EEPC India, Anupam Shah said.
While the exports to the ASEAN countries dropped sharply, the data showed a sizeable improvement in shipments of key engineering products to South Korea and Japan, the two other countries with which India has entered into a free trade pact.
The despatches to South Korea in February, 2014 went up by over 60 per cent while to Japan they were up 16 per cent.
Also, several major sectors have shown negative growth in February, 2014 in comparison to the same month of 2013. Segments with low engineering exports during February, 2014 include Iron and Steel that accounts for about 14 to 15 per cent of India's total engineering exports. The sector's export fell by 14.19 per cent to USD 708.79 million as opposed to USD 826 million in February 2013.
Segments with low engineering exports in February include Iron and Steel category that accounts for about 14-15 per cent of India's total engineering exports. The sector's export fell by 14.19 per cent to USD 708.79 million, as against USD 826 million in February 2013
Besides, Industrial Machinery, which accounts for 14 per cent of India's engineering exports, witnessed negative growth of 8 per cent recording exports of USD 785.94 million in February, EEPC India said. (KNN/SD)
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