Leading trade bodies are expecting that the outbound shipments will rise in the coming months as the uncertainty in global markets began to subside. The country's exports rose by 5.37 percent year-on-year to $27.24 billion in January 2021, mainly driven by healthy growth in pharmaceuticals and engineering sectors.
CII National Committee on EXIM chairman Sanjay Budhia said the growth was due to the measures taken by the central government. He noted that India’s engineering exports have increased by 18.69 percent to $7,174.43 million in January 2021. He also said the uncertainty in global markets started subsiding as several countries move out from the lockdowns and the vaccination programmes gain pace. According to him, a recovery in overseas market has led to increased demand for goods. He added that Indian exports that have done well in January include agri-products, electronic and engineering goods, pharmaceutical items, ores and minerals.
Another trade body EEPC India has also expressed satisfaction over the increased shipments of engineering products in January with exporters exuding confidence about the rise in external demand. Besides, Engineering Export Promotion Council of India chairman Mahesh Desai said most of the members of the trade body are from the MSME sector, and a study suggested there has been a robust rise in demand in markets of the US, Europe and several key Asian economies.