Recent Surge In Engineering Exports Driven By Rising Metal Prices; Likely To Sustain: ICICI Securities
The Cosco New York container ship sits docked at the JNPT in Navi Mumbai, Maharashtra, India (Photographer Dhiraj Singh/Bloomberg)

Recent Surge In Engineering Exports Driven By Rising Metal Prices; Likely To Sustain: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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%.

Click on the attachment to read the full report:

ICICI Securities Engineering Exports Update.pdf

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