While the northern parts of Iraq and Syria have turned into war zones, the bordering Turkey on the North has witnessed 89 per cent expansion in engineering exports from India to $155 million in July, 2014 from $82 million a year ago. Likewise, for the April-July period of four months, the engineering goods exports to Turkey have grown by 106 per cent to $638 million from $309 million in the comparable months of the previous fiscal, EEPC India analysis has shown.
"Fortunately, Turkish economy has not been affected by the war in the northern Iraq and Syria. Turkey has been one of the impressive emerging market economies pursuing with reforms. Likewise, though there is a low base of trade with Iran and Jordan we have witnessed a big growth in the recent months," Anupam Shah, chairman of the EEPC India, formerly the Engineering Export Promotion Council said.The surprise pack in the region has come from Jordan that shares its northern border with Syria and north-eastern border with Iraq.
Shipments to Jordan in July this year increased to $11 million by 67.5 per cent from $6.59 million in the same month of the fiscal 2013-14.
The performance in the earlier months of the current fiscal was even more pronounced as is reflected in the cumulative data of April-July, 2014. For this period, engineering exports to Jordan went up by 1150 per cent to $340 million from a mere $27 million in the corresponding months of the previous year.
Notably Iran, with which trade could not been done in a smooth manner earlier because of the US sanctions, is now giving a big market to Indian engineering exporters. The consignments to that country which too shares its larger border — from north west to south west — have also seen a big jump of over 100 per cent year-on-year for the April-July period. For standalone July, the shipments were a large increase of 240 per cent to $177 million from $52 million in the previous year.
"The West Asia as a whole has been giving us good demand along with the European countries, though some key European nations are still grappling with slowdown," Shah said.