India's engineering exports up 50% in December

• India's engineering exports grew by about 50 per cent year-on-year to $5.5 billion in December, 2010, on the back of increased demand from US and Middle East markets, according to leading trade body. However, the recovery in the European economy is still fragile and demand is yet to pick up.
• Out of India's total engineering exports worth $32.5 billion in FY2009-10, the US and EU accounted for about 65 per cent of the shipments.
• During April-December, 2010-11, the exports jumped about 50 per cent to $37 billion, compared to the corresponding period of the previous fiscal.
• To reduce dependence on traditional markets like the US and Europe, exporters are exploring new destinations in regions like South-East Asia and Latin America.
• Engineering exports include heavy engineering goods, transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.