Engineering Exports News Today

Ahmedabad: The engineering sector in Gujarat saw its exports grow by 7.

Chennai: Improved exports of iron and steel along with higher demand from China and Russia helped engineering exports clock 10 per cent growth in December.After a dip in Nov., engineering exports grew...

Engineering exports to Australia reached USD 944 million in April-November 2023-24, a 3 per cent increase. However, imports from Australia also saw a significant 30 per cent upswing during the same period. Indias engineering imports from Australia reached USD 355.02 million during April to October 2023-24. The share of Indias engineering exports to its total merchandise exports to Australia also witnessed a significant rise, reaching 15.1 per cent during the review period.

High-interest rates, weak industrial output, volatility in commodity prices, and increase in trade-restrictive measures are affecting global trade and, in turn, Indias engineering exports, says Arun Kumar Garodia, EEPC India Chairman.

Engineering goods exports to West Asia and North Africa (WANA), North East Asia, and CIS countries recorded positive year-on-year growth in the first eight months (April-November) of the current financial year 2023-24, while shipments to key regions like North America, EU, ASEAN and South Asia witnessed decline during this period.

Indias engineering goods exports faced a 3% year-on-year decline in November, totaling $7.85 billion, according to a report by the Engineering Export Promotion Council of India (EEPC). The dip is attributed to disruptions caused by the festive season in key engineering export regions, particularly in the northern and western parts of the country.

Indian engineering exports to 18 key markets, including the UK, US, and UAE, saw positive growth in October, according to the Engineering Exports Promotion Council (EEPC). However, China, Italy, Singapore, and Indonesia experienced declines in engineering shipments. The US saw a 2.2% increase in engineering exports, while Germany saw a 20% increase.

The ongoing global slowdown comes along with the Russia-Ukraine war and China has not been spared in global supply chain troubles. The EEPC said all these factors are causing a drop in Indias engineering export demand.

Overall engineering exports during April to August in 2023 dropped 4.55 per cent to USD 44.62 billion as against USD 46.74 billion in the previous similar period of 2022.

Engineering exports from India to the UAE and Australia have increased by 9% in the April-August period of the current financial year, providing a boost to overall engineering exports, which have seen a decline during the same period. Engineering exports to Russia have also surged by 178% during this period.