Economy

Engineering exports continue to decline in April

PTI New Delhi | Updated on May 29, 2013 Published on May 29, 2013

Engineering exports continued to decline in the first month of 2013-14 financial year, dropping by 10 per cent year-on-year to $4.5 billion, due to sluggish demand in Western markets.

In April 2012, these exports stood at $5 billion, according to the data provided by the Engineering Exports Promotion Council (EEPC).

“The exporters are getting less number of orders as the demand is still weak in the US and European markets,” an EEPC official said.

The US and Europe together account for 60 per cent of the country’s total exports. During 2012-13, engineering exports declined 3 per cent to $56.7 billion compared to the previous fiscal.

“Although exporters have found new markets such as those in Latin America and Africa, but they are cautious while exploring new destinations due to reasons such as fear of payment default,” the official said.

The council feels that the government needs to take urgent steps to boost exports from the sector in the coming years.

Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.

Published on May 29, 2013
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