Engineering exports to UK goes up 12%

Engineering exports to UK goes up 12%

India's business with United Kingdom defies Brexit fears

Engineering exports to UK goes up 12%

 The sentiment hit by Britain’s decision to leave European Union has not come in the way of India’s engineering exports to UK and other two big markets of Germany and France, as these destinations defied the general declining trend, giving positive growth to the manufacturing and high-tech exports.

An analysis by premier engineering export body Engineering Export Promotion Council (EEPC)  suggests engineering exports to Britain went up smartly by over 12% to $215 million in July 2016 from $192 million in the same month of the previous year.

Shipments to Germany were even better close to $200 million rising by over 19% year on year from $168 million in July 2015. Exports to another key market, France were moderately higher by 2.29% to $86 million from about $84 million for the period under review.

The engineering exports to UK are in line with the trend of the Britain’s economy defying concerns which centered  around the outcome of the June 23 referendum in that country.

In one of the most keenly watched events around the world, the ‘Yes’ vote in favour of Exit won, though by a thin margin. While the exit would be negotiated and is a time consuming process, the initial reactions were that of fears and concerns, the EEPC said.

“Somehow, the reality has sunk in. Besides a quick decision on the change of the Prime Minister in the UK too helped calm the nerves. New Prime Minister Teresa May is well respected, giving a re-assurance to the business community,” Chairman of the EEPC India T S Bhasin said.

Engineering Export Promotion Council (EEPC): TShipments to Germany were even better close to $200 million rising by over 19% year on year from $168 million in July 2015.

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