In October, Indian engineering exports witnessed a significant uptick to 18 key markets, with positive growth recorded in countries such as the UK, the US, and the UAE, as per the Engineering Exports Promotion Council (EEPC) India. Notably, the US experienced a 2.2% increase in engineering exports, reaching $1391.5 million compared to $1361 million the previous year. Germany also displayed robust growth with a 20% surge, totaling $342.7 million in October. Conversely, countries like China, Italy, Singapore, and Indonesia reported a decline in engineering shipments.
The engineering exports to the UAE saw a 2.9% annual rise, reaching $348.6 million. Overall, India’s engineering exports for October marked a 7.2% increase, reaching $8,094.20 million compared to $7,550.69 million in the same month the previous year. However, the cumulative engineering exports for April-October 2023 amounted to $61.63 billion, reflecting a 1.61% decrease from the corresponding period in the previous year.
Arun Kumar Garodia, Chairman of EEPC India, highlighted challenges in the metal sector, especially in products like iron, steel, aluminum, and zinc, which experienced a decline in October. He attributed the reduced demand to various market barriers for Indian exporters and decreased demand in developed nations, particularly the European Union.
In October, engineering exports constituted 24.11% of India’s total merchandise exports.
