Engineering exports declined by about 16% in June 2012 to $4.5 billion. As per the data of Engineering Export Promotion Council (EEPC), the exports have declined substantially from $5.3 billion in June last year.
The orders from key markets of US and Europe which accounts for over 60% India’s total engineering exports have reduced as buyers are retaining low or nil inventory level.
The major Indian engineering export items are transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners. As per the report the fall has been in three sectors particularly, Iron and Steel, Aircrafts, Spacecrafts and parts, Ships, Boats and other parts.
During 2011-12, the country’s engineering exports grew 17% to $59 billion compared to $49.7 billion in the previous fiscal. During April-June 2012-13, engineering exports dipped about 9% to $14.3 billion compared to the same period last year.
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