Amidst global tariff row, it is ‘’so far so good†for Indian engineering exports: EEPC India
Mumbai, July 5 (IBNS): The Indian engineering exports have managed to grow by close to 20 per cent for the April-May , 2018 , reflecting a “so far so good” scenario even as the US –China tariff war has spread to some key trading markets in Europe, Canada and Mexico and shows no early signs of abating, said the EEPC India , the apex body of engineering exporters.
“In fact, the US has ranked as the numero uno exporting destination for the Indian engineering products in May 2018 and registered a cumulative expansion of 19.75 for the April-May period this fiscal," said the EEPC India analysis.
While skirmishes had started early in 2017, the tariff row between the US and China began on a serious note since March this year and has only been rising with concerns whether it would have a cascading effect on the total global trade.
India’s cumulative engineering exports to the US have increased to USD 1.86 billion in April-May, 2018 from USD 1.56 billion in the same period of the previous fiscal.
Though there has been small drop of about one per cent in exports of steel products to the US to USD 250.86 million from USD 253.44 million, it has got more to do with the global trend of pressure on the metal prices seen only in the last few months.
“It is so far so good making it imperative for us to keep engaged with the major trading powers of the world and staying on course to remain champion of free trade, as mandated in the World Trade Organisation ,’’ said EEPC India Chairman Ravi Sehgal.
He lauded the efforts by Commerce and Industry Minister Suresh Prabhu to have remained engaged with the US and other Indian trading partners in the midst of tariff war amongst several key players in the global trade.
Exports of engineering goods to the US include non –ferrous metals, automobile and the automobile components and parts. “ Actually, USA was the top most importer of auto components/parts from India during April- May 2018, with a share of more than 21 percent in the total auto components exports from India”.
Engineering sector is an important component of the broader manufacturing sector and the share of engineering production in overall manufacturing output is quite significant.
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