India's engineering exports shrink 10%

Engineering exports declined by about 10 per cent to USD 27.81 billion in the first half of the current fiscal due to slowdown in major western economies.

The exports had totalled USD 30.89 billion in April- September period of the last fiscal. The decline was 8.2 per cent in September.

"The countries which are the principal trade partners of India, such as Germany and other EU countries are under economic slowdown, and this has affected our exports severely," EEPC India Chairman Aman Chadha told reporters here.

Joint Secretary in the Commerce Ministry, Sumanta Chaudhuri, stressed upon diversification of destinations to deal with the ongoing slowdown in major markets.

India exports engineering items such as transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.

To promote engineering exports, EEPC India in association with Ministry of Commerce and Industry organises India Show in different parts of the world. The last India show was organised at Brno, Czech Republic in September.

Ambassador of Czech Republic Miloslav Stasek, who was also present at the press conference, said his country attaches highest importance to economic engagements with India.

India has invited the Czech Republic to be a partner in India Engineering Sourcing Show 2013 to be held in Mumbai in March.

EEPC India also entered into an agreement with Intertek for B2B "smart sourcing" via Tradegood.

"This platform will help EEPC members to get verified data and authenticated supplier profiles," said William Quilindo, Chief Operations officer of Tradegood.

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