India's export of engineering goods may decline by upto 15% during the financial year 2015-16 due to depressed global economic situation that has impacted demand, Ravi Sehgal, Senior Vice-Chairman, EEPC India (formerly Engineering Export Promotion Council), told ISMW.
The engineering goods export volumes for the current financial year was projected at $75-77 billion against actual export of $70 billion in 2014-15.
“However, the same will be a little shy of $70 billion in actuality. If it touches $70 billion, we will be very upbeat…” Sehgal said, while speaking on the sidelines of the EEPC India Regional Award presentation meet.
The share of iron and steel in engineering goods is a good 65% and hence the steel sector would be impacted by the decline consequently.
Corroborating Sehgal, Arun Kumar Garodia, Regional Chairman, EEPC India, said overseas shipments of engineering exports have been witnessing a downtrend. Cumulative engineering exports from India dropped 17.80% during April 2015-January 2016 to $49.28 billion from $59.96 billion reported during the same period of the previous fiscal, he said.
He added that this cumulative fall was marginally higher than that witnessed in April-January, 2015, at around 15%.
The main reasons for lower overseas shipments were slackening demand from across the globe, following the slowdown in the developed countries and recession in some of the emerging economies.
India’s engineering goods exports had increased to $61.5 billion in 2013-14 from $ 57 billion in the previous fiscal. In the last 5 fiscals, India’s engineering exports were negative only in 2012-13.
- metaljunction »
- Metal News
Metal News & Events
METALJUNCTION PUBLICATIONS
Coal Insights (English) Monthly
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
India Steel Market Watch (English) Monthly
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.