Engineering exports to Israel grew six times in April, EEPC
The Dollar Business Bureau
India’s friendship with Israel has been translating into a growth in huge export numbers. In April this year, engineering exports to Israel grew six times over the same month last year, the Engineering Exports Promotion Council (EEPC) revealed today. This is significant given the fact that Prime Minister Narendra Modi will be visiting Israel on July 5 and is keen to ensure that his visit is not focussed on defence ties alone, but includes long-term economic and technological cooperation resulting in a Free Trade Agreement.
According to the data released by EEPC, the shipments of engineering goods have increased to $146.42 million in the month of April alone, which is a whopping 640% more than last year’s April figures which was $20 million only.
Israel also ranks as the 12th favoured destination for India’s engineering exports and has figured prominently in the top 25 countries that India prefers trade relations with.
The bulk of engineering exports to Israel, which takes up nearly $122 million revolves around ships, ship-parts, floating structures, boats etc. Speaking to the media EEPC India Chairman TS Bhasin suggested that Indian exporters can think of new ways of engaging with their Israeli counterparts especially in areas like automobile components, steel, aircraft components, boat building, shipbuilding and defence production which it already does. "We need to diversify our export basket to Israel; no doubt and would be working towards that end,” he said.