Exports of engineering goods jumped 70% in March

Exports of engineering goods jumped 70% in March

India’s total merchandise exports during this period were worth $34 billion as compared to $21.49 billion in March 2020

Other commodities which recorded a positive export growth during March were iron ore, electronic goods. Credit: iStock photo.

A day after the country’s exports saw their highest-ever jump in a month in March, a look at the fine print showed that exports of engineering goods had shot up by 70.28% in the month under review, pushing the monthly merchandise exports to an all-time high.

Other commodities which recorded a positive export growth during March were iron ore, electronic goods and gems and jewellery.

Engineering items account for about 25% of India’s total global exports in the goods sector and are one of the largest foreign exchange-earners. The sector employs nearly 4 million skilled and semi-skilled workers.

India’s total merchandise exports during this period were worth $34 billion as compared to $21.49 billion in March 2020, registering a jump of 58.23%. The month-on-growth is the best-ever performance so far.

“The strong growth in exports of engineering goods in the month of March suggests a bright outlook for the sector,” said Mahesh Desai, Chairman, Export Promotion Council of India.

But he warned that one needed to be cautious before arriving at any conclusion on the basis of a short-term surge.

The jump in outbound shipments offers hope of sustained growth in the sector in the coming months on the back of vaccine rollout and virus containment.

“Despite downside risks in view of new virus strains, we remain optimistic,” Desai said.