Business
Sri Lanka key market for Indian exports
15 Apr, 2016
Sri Lanka, Nepal and Bangladesh have emerged as the major destinations for India’s engineering exports together accounting for a sizeable chunk of $5.17 billion, revealed an analysis by engineering exports promotion council (EEPC).
Sharing the info chairman of the EEPC India T S Bhasin said, “Though the shipments to the neighbouring countries have also dropped significantly in value terms, the trend is in line with the rest of the global markets which are witnessing new lows thanks mainly to a prolonged meltdown in prices of commodities and metals”
He also informed that despite the drop in values, Sri Lanka itself occupies the third most important space in Indian engineering exports. After the US and UAE, Sri Lanka gave the next best markets to the Indian shipments with $2.63 billion during April-February period of the fiscal 2015-16.
Bhasin also said, “The global trade has been going through a major crisis like situation with demand slowdown across different segments. Still, the neighbouring markets which are also members of the SAARC trade regime, have been contributing a significant chunk to the engineering exports. While differential trade regime is in prevalence for these countries, a lot more emphasis needs to be given to Sri Lanka, Nepal and Bangladesh. In fact, these countries are a low hanging fruits for us, when the going is tough.” (Courtesy Times of India)
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