9/17/2012 11:35:00 AM
NEWS BRIEFS
India’s Fastener Segment Exports Declining
“Sluggish demand” in the U.S. and Europe prompted a 9.7% drop in engineering exports, including fasteners, from India during August, the Economic Times reports.
India’s engineering exports were valued at US$4.67 billion for the month — down from US$5.17 billion tallied in August 2011, according to the Times.
“The decline in engineering exports was expected given the global market conditions,” stated Engineering Export Promotion Council chairman Aman Chadha.
The U.S. and Europe collectively account for over 60% of India’s total engineering exports.
To boost engineering exports, the EEPC has urged the Indian government to extend such policy measures as “Focus Product Scheme, Focus Market Scheme and Market-Linked Focus Product Scheme.”
From April through August 2012, India’s engineering exports — including transport equipment, capital goods, machinery and light engineering products (castings, forgings and fasteners) reportedly dipped 11% to about US$20 billion. ©2012 GlobalFastenerNews.com
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