Tiny Singapore replaces US as India's top market for engineering exports

India's overall engineering exports, comprising industrial machinery and auto parts, constitute nearly a quarter of total goods exports, contracting in April and May due to the coronavirus and weak global demand, traders said.

Reuters

June 10, 2020 / 14:50 IST

Singapore replaced the United States as India's biggest overseas market for engineering parts in April, with exports rising 95 percent to $553 million from a year earlier, a trade body said on Wednesday, as statistics are upended by coronavirus lockdowns.

India's overall engineering exports, comprising industrial machinery and auto parts, constitute nearly a quarter of total goods exports, contracting in April and May due to the coronavirus and weak global demand, traders said.

"Singapore has replaced the US as the number one destination for Indian engineering exports," said Ravi Sehgal, chairman of the India'a Engineering Export Promotion Council (EEPC).

Engineering exports to China were up 19 percent YoY to $173 million, he said.

However, total engineering exports were down 63.9 percent in April to $2.31 billion from $6.4 billion, the EEPC said. In April, for which latest data is available, engineering exports to the United States declined 75 percent to $222 million.

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