South Asia, Latin America help push up engineering exports
In 2011-12, the export growth at $60 billion was mainly from the US, Singapore, UAE and China
Growing demand from South Asia and Latin America helped push up engineering exports, which grew 8.3% in April to $5.2 billion, according to industry officials.
Engineering exports were $4.8 billion in April last year.
"The country-wise data has not been finalised. But, you can attribute it (growth) to the growing demand from Latin America and South Asia," Engineering Export Promotion Council Executive Director R Maitra said.
In 2011-12, the export growth at $60 billion was mainly from the US, Singapore, UAE and China.
"So far, western countries especially the US seems to be doing well. In 2012-13, its difficult to say," said another EPCH official, adding that engineering export growth of 15-20% is expected in 2012-13 at about $72 billion.
However, the sectoral target would be set once the Commerce and Industry Ministry releases the Foreign Trade Policy, he said.
As per the trend since 2004-05, export share of the 27- nation European Union, North America has been declining while Latin America and South Asian nations have become major destinations of Indian engineering products.
India's overall exports last month were $24.5 billion.