Recent Surge In Engineering Exports Driven By Rising Metal Prices; Likely To Sustain: ICICI Securities
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ICICI Securities Report
Provisional data released by commerce ministry shows that India’s exports increased 197% year-on-year to $30.2 billion in April 2021.
The sharp uptick in exports was partly due to low base (exports contracted 61% YoY in April 2020 as lockdown restrictions were put in place worldwide).
However, there is also a strong uptick in month-on-month momentum in export performance in the past few months on the back of massive stimulus and unlocking of economic activity globally.
An analysis of exports by principle commodities shows that engineering exports have been driving growth in total exports. In March 2021, out of the total export growth of 58% YoY, engineering exports accounted for 20%.
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