India’s exports of tech goods soared in May
New Delhi:
According to EEPC India’s monthly analysis of export trends, India’s technical goods exports rose 13.5 percent to $9.79 billion in May 2022, from $8.62 billion in the same month last year.
Cumulative engineering exports for April-May 2022-23 were recorded at $19.39 billion, up 16.84 percent compared to $16.60 billion in exports recorded in the corresponding period last year.
The United States continued to be the main market for Indian technical goods in May, while shipments to China declined. As many as 18 of the 25 major Indian technical goods markets posted positive growth in May 2022.
Exports to the US rose 63.2 percent year-on-year to $1.81 billion in May this year, compared to $1.11 billion in the corresponding month of the previous year. Other countries that recorded positive import growth from India in May included Germany, Singapore, UK, Italy and Thailand.
However, exports of engineering goods to China fell 52 percent year-on-year in May 2022 to $217.4 million, compared to $451.7 million in the same month last year.
The top 25 countries contribute nearly 75 percent of the total tech exports from India.
In terms of region, North America had peaked export growth, followed by the EU, both monthly and cumulatively.
Engineering’s share of total goods exports was recorded at 25.14 percent in May, while its share was 24.64 percent in April-May 2022-23.
Commenting on the technical export trends so far in this fiscal, EEPC India Chairman Mahesh Desai said: “While the trend looks impressive, there are still some concerns. One of the biggest concerns is the war between Russia and Ukraine that seriously hindered shipments to CIS countries and could have a ripple effect on the global economy.”
He noted that the resurgence of COVID and the resulting damage to business prospects in some industrial cities could also negatively impact the global trade scenario.
