India's engineering exports up 50% in December

NEW DELHI: India's engineering exports grew by about 50 per cent year-on-year to USD 5.5 billion in December, 2010, on the back of increased demand from US and Middle East markets, according to leading trade body.

"We are getting a good number of orders from the US and Middle East markets," Engineering Export Promotion Council (EPCH) Chairman Aman Chadha said. He, however said, the recovery in the European economy is still fragile and demand is yet to pick up.

Out of India's total engineering exports worth USD 32.5 billion in FY2009-10, the US and EU accounted for about 65 per cent of the shipments. During April-December, 2010-11, the exports jumped about 50 per cent to USD 37 billion, compared to the corresponding period of the previous fiscal.

To reduce dependence on traditional markets like the US and Europe, exporters are exploring new destinations in regions like South-East Asia and Latin America.

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