Even as the border tensions with China continue to remain fragile, the economic ties have started growing stronger. According to sector export promotion body EEPC, India's engineering goods shipments to China have more than doubled in November 2021 to $434.6 million (Rs 32,60 crore approximately) as compared to $205.3 million (Rs 1540 crore) in the same month last year.
The US, however, remained the top importer of Indian engineering goods at $1196 million during this period, registering a growth of 36.6 per cent over $875 million in November 2020.
The UAE was the third biggest market for Indian engineering goods with a total shipment value of $404.4 million in the previous month. India's engineering exports continued to grow in November 2021 but a decline was observed in the value of the shipment, EEPC said.
However, total engineering goods exports slowed down to $7.7 billion (Rs 57,000 crore approx) in November from 9.03 billion (Rs 67,000 crore in October 2021). However, the growth was still substantial at 37.12 per cent over the exports of November 2020 at $5.62 billion.
“The slowdown seems to be indicating the distress exporters are facing given volatility in world demand and the uncertainty regarding the pandemic which has been triggered by the new variant Omicron. Experts around the globe have already predicted that while the global trade growth is remarkable it is not even across the countries,” EEPC India chairman Mahesh Desai said.