Imposition of curbs by states could affect exports: EEPC

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Engineering exporters physique EEPC on Sunday mentioned imposition of restrictions by states to comprise rising coronavirus circumstances could affect the exports and the worst impacted can be MSMEs. The Engineering Export Promotion Council (EEPC) mentioned whereas restoration in the previous couple of months of the fiscal 12 months provides a ray of hope for the sector, the rising quantity of COVID-19 circumstances poses a downward threat.

“In order to comprise the virus unfold, many states have imposed restrictions. This could affect exports and the worst impacted can be MSMEs (micro, small and medium enterprises).

“The government therefore needs to expedite vaccination to lessen the impact of the pandemic,” the council mentioned in a press release.

It additionally mentioned that buoyed by rising international demand and elevated financial actions, exports of 32 out of 33 engineering items classes similar to iron and metal, non-ferrous steel merchandise, industrial equipment and workplace gear recorded constructive progress in March, signalling good instances for exporters reeling below loss for the previous one 12 months attributable to pandemic.

The US continued to be on the highest of the listing of main export locations as engineering exports to America rose to USD 1,152.82 million in March 2021 as in comparison with USD 917.02 million within the year-ago interval, it mentioned including exports to the US fell down in cumulative phrases throughout 2020-21.

Similarly, exports to China, India’s second largest export vacation spot, jumped to USD 553.06 million in March. The UAE retained its third place of largest export vacation spot.

“Region wise, the European Union (EU) ranked as the numero uno destination leaving North America behind with a share of 18.5 per cent of total engineering goods exports in 2020-21. India’s exports to North America ranked second with 18 per cent share while ASEAN region accounted for 15.4 per cent,” it added.

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