Tiny Singapore replaces U.S. as India's top market for engineering exports
NEW DELHI (Reuters) - Singapore replaced the United States as India's biggest overseas market for engineering parts in April, with exports rising 95% to $553 million from a year earlier, a trade body said on Wednesday, as statistics are upended by coronavir s 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 coronavir s and weak global demand, traders said.
"Singapore has replaced the U.S. 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 were up 19% year on year to $173 million, he said.
However, total engineering exports were down 63.9% 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% to $222 million.
India is due to release monthly trade data for May next week and is widely expected to report another fall in exports.
Singapore imports rical machinery, components, aircraft and ship parts and non-ferrous metal from India, the trade body said, adding there was a more than five-fold rise in exports of non-ferrous metal to Singapore in April from a year earlier.
Over the last few years, Singapore has emerged among the top 10 destinations for Indian engineering exporters, with exports of more than $80 billion in 2018/19.
What this article fails to mention that companies in Singapore that are importing Indian goods are primarily owned and operated by either expat Indians or people who are Indian and have lived in Singapore for a generation or two.
kingdom_of_gold4 hours ago
As an American I can say our country is going to hell fast. I always wanted to move to Singapore anyway. I have to convince my wife now and after these riots I think she will agree with me that we are done as a country.
I studied both here in the US and my birth country. I can honestly say that my birth country has more stricter and high standard when it comes to education. We rarely have any multiple choice as a test questionnaire, they are like bonus points to us.
That shows how little engineering parts India was exporting to US.
A tiny city replace the US. Big fail. Where's Bunker Boy when you need him?
This sounds like great news for the US, heading in the direction. Let’s aspire to a level of zero imports from India.
@Mark: and import from ?
@Mark:Aspire to educate yourself! Your suggestion will literally col pse this economy.
Keep up those isolationist policies, "mr." presi nt. You're doing a GREAT job.
You didn't want ANYONE to rely on the U.S. anymore, and they're staying away in droves.
The US economy is on the verge of col pse with that type of thinking.
USA also beats everyone in Coronavir s count. :)
Agent Orange wng again
Not So Busy Guy In US
oh thank God.... Now Singaporeans will realize what they are getting.
We have our own top notch skilled workers. We don't need their services.
Big difference between a skilled worker and an engineer.
USA needs India to replace as our top ronics trading partner.
Good that mean DJT is kee his promise ====> AMERICA FIRST !!! He is determined to provide employment to Americans before exporting labor from anywhere, in this case India specific to H1's !!!
I hope they don’t repeat Y2K over in Singapore
More good news.
In other related news: USA stops importing JUNK from India.
Importing garbage from India and is not a preferred strategy for the USA. Let Singapore enjoy the "junk"....good luck! Do not forget- USA sent a man to the moon and brought it safely back mostly with the help of its own talent...no Indian or was involved in that endeavor.
What era you living in Sunny ?