Rising global demand for copper, zinc, other non-ferrous metals helps engineering exports: EEPC India

A sharp rise in global demand for non-ferrous metals like copper, aluminium and zinc along with their products , has greatly helped the Indian engineering exports brave through the Covid-19 pandemic hit world trade, an EEPC India analysis has shown.

A near 16 per cent increase in overall engineering exports during January,2021 over the same month last year was influenced by a sharp rise of 66.66 per cent in shipments of copper/products to USD 138.50 million from USD 83.10 million. Likewise, zinc and products witnessed a rise of 39 per cent in shipments to USD 72.17 million from USD 52 million. Exports of aluminium and products went up by 21 per cent to USD 512 million from 423 million for the month, on annualised basis.

‘’The non -ferrous metals are in great demand in the international market thanks to their usage in electric vehicles and their batteries as the world moves towards cleaner energy, “ EEPC India Chairman Mr Mahesh Desai said.

Malaysia,South Korea,China, the US and Singapore are the top destinations for export of non-ferrous metals from India.

Iron and steel, the largest contributor to the country’s engineering exports, too saw an impressive increase of 17.47 per cent in shipments during the month under review on Y on Y basis. These shipments went up to USD 847 million from USD 721 million for the month.