The latest analysis report published by the Engineering Export Promotion Council (EEPC) of India suggests significant surge in exports of iron and steel products from India during the month of June this year. At the same time, the exports of engineering goods registered modest decline during the month.
All metal exports increased during the month, led by iron and steel products. The exports surged higher by over 100% from the previous year. The shipments were valued at $1.32 billion, compared to $653.52 million in the same month a year before. The top steelmakers in the country reported sharp jump in export volume, mainly driven by dip in domestic demand due to reduced construction sector activity.
The exports of iron and steel to China skyrocketed by over 1400% to $524 million in June this year. The exports to that country had totalled only $35 million in June last year. The exports to Vietnam and Taiwan too were up by 700% and 200% respectively.
Meantime, the overall engineering exports dropped by over 7% in June, as compared with 64% and 24% drop in April and May respectively.
Mahesh Desai, Chairman, EEPC India sought the intervention of the Ministry of Commerce and Industry to overcome the difficulties faced by Indian exporters in different countries. Further, he also called for additional export credit measures in support of the country’s exporter community.
Hindalco signs MoU to invest ₹15000 crore in aluminium capacity expansion in Madhya Pradesh
EU expands sanctions on Russian aluminium: industry calls for closing loopholes
Fundamental weakness makes it difficult to sustain upward momentum in aluminium prices; short-term price correction observed
