Engineering Has Overtaken Agriculture In Exports

Engineering has overtaken agriculture in exports, there is a rapid change in the attitude of the international market.

The trend of the post-corona global export market seems to be changing rapidly. In the last financial year (2020-21), the items which were showing the most demand, have slowed down.

At the same time, the demand for goods which was negligible last year is showing maximum demand.

This is the reason why the export of the drug in October this year declined by 0.91 percent as compared to the same period last year.

The credibility of Indian exports was saved in the last financial year only by the global demand for pharmaceuticals and agricultural commodities.

In October this year, the export of engineering goods grew by 50.70 percent over October last year, and the export of gems and jewelery grew by 44.24 percent.

In the last financial year, the demand for both these items had reduced significantly.

According to the data of the Ministry of Commerce and Industry, there was a growth of 23.52 percent in the export of the drug in the last financial year.

But in the first half (April-September, 2021) of the current financial year, pharmaceutical exports grew by only 1.30 percent, while overall exports of commodities grew by 57 percent during this period.

Rice exports grew by 12.27 percent in the first half of the current fiscal, as against 37 percent in the same period of the previous fiscal.

Last year, during the Corona period, the export of spices increased by more than 10 percent, but in April-September this year, the export of spices grew at a rate of only 4.73 percent.

On the contrary, there is a huge demand in the global market for the goods falling in the category of negative growth during the Corona period.

According to the Ministry of Commerce and Industry, the export of gems and jewelery in April-September this year grew by 122.06 percent over the same period last year.

During this period, the export of engineering goods grew by 61.48 percent, electronics goods by 60.70 percent, and readymade garments by 53.22 percent.

In the last financial year, exports of gems and jewelery registered a decline of 27.52 percent, engineering goods by 2.64 percent, and electronics goods by 5.02 percent.

According to the exporters, the big target of commodity exports can be achieved only by increasing the exports of manufacturing-related items.