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 coronavirus lockdowns.
FILE PHOTO: An aerial view of shipping containers stacked at the port of Singapore February 14, 2012. REUTERS/Edgar Su
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 coronavirus and weak global demand, traders said. India is due to release monthly trade data for May next week and is widely expected to report another fall in exports.
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