Prospects for engg exports look bright in 2017-18: EEPC

The engineering exports promotion body — EEPC India — today said the export outlook in 2017-18 looks promising with a “significant” easing of the “global headwinds which had marred Indian exports”.

“The global headwinds which had marred Indian exports seem to have eased quite significantly, raising renewed hopes of continuous uplift of engineering overseas despatches in the new fiscal 2017-18, helped by revival across most of the regions, led by the basic industries of iron and steel,” a statement said analysing the latest trade data of February 2017.

The EEPC said, an analysis of the trade data of February 2017 showed an over 48 per cent increase in engineering exports despite 1.70 per cent appreciation of the rupee against the dollar.

Engineering exports went up across the board to destinations in European Union, North America, ASEAN, Middle East or North East Asia for the month, the statement said.

For the April-February period of 2016-17, engineering exports aggregated $57.34 billion, growing by 7.34 per cent year-on-year.

“While it is too early to set the target for the new fiscal, the growth should be significant,” EEPC said.

“The trend can now be considered optimistic as growth has been registered for the seventh straight month.

“Substantial rise was observed in iron and steel, non-ferrous metals, electrical machinery, medical & scientific equipment, railway and transport equipment. EU ranks as the region with highest shipment of engineering products from India during February 2017 with a share of 21 per cent of total engineering exports,” said TS Bhasin, Chairman, EEPC India.