In September 2024, engineering exports elevated to US$9.82 billion from US$8.89 billion in the identical month final fiscal yr, securing 10.55 p.c year-on-year development, in line with the trade physique Engineering Exports Promotion Council (EEPC).
Cumulative engineering exports throughout April-September 2024-25 have been recorded at US$ 56.23 billion as in opposition to US$ 53.42 billion throughout the identical interval of the final fiscal, registering a rise of 5.25 p.c.
The decline in iron and metal exports moderated to simply 2 p.c throughout September 2024, contributing to increased total development of engineering exports within the month involved. Excluding the export of iron and metal, engineering exports recorded a better development each on a month-to-month in addition to a cumulative foundation. Exports of iron and metal conceded a 2.1 p.c year-on-year decline in September 2024 and a 26.1 p.c year-on-year decline throughout April-September 2024-25.
Notably, the share of engineering in India’s whole merchandise exports in September 2024 elevated to twenty-eight.41 p.c from 27.20 p.c in August 2024 and 26.60 p.c in July 2024. Cumulative share stood at 26.37 p.c throughout April-August 2024-25.
Arun Kumar Garodia, Chairman, EEPC India stated, in a press release, “The rise in shipments in September this yr was majorly on account of commercial equipment, electrical equipment, car and auto parts, medical gadgets, and so on. The decline in each month-to-month and cumulative phrases was evident within the ferrous and non-ferrous steel sectors. This may be primarily attributed to international uncertainties, shifting commerce insurance policies, and in some cases rising home demand.””Because the time is fraught with each sure challenges and uncertainty we urge the federal government to proceed their assist for the trade such that exporters can stay aggressive within the international market,” Garodia additional stated.In September 2024, as many as 26 out of 34 engineering panels witnessed optimistic year-on-year development, whereas 8 remaining engineering panels skilled a decline. Exports of iron and metal, merchandise of iron and metal, non-ferrous merchandise together with copper, aluminium, and lead merchandise, different merchandise together with railway and transport tools, ship and boats, and floating our bodies dropped.
On a cumulative foundation, 25 out of 34 engineering panels recorded optimistic development and the remaining 9 engineering panels together with iron and metal, merchandise of iron and metal, some non-ferrous sectors together with copper, aluminium and zinc merchandise, IC engines, workplace tools, and prima mica merchandise recorded unfavourable development throughout April-September 2024-25.
Area-wise, North America and the European Union remained India’s topmost locations for engineering exports with a share of round 21% and 17% respectively in India’s whole engineering exports throughout the April-September interval of FY25. West Asia and North Africa (WANA) with a share of 16% registered the very best development of 24.1% throughout April-September 2024-25 vis-à-vis the identical interval final yr adopted by CIS (development of 13.3%), different Europe (development of 11.1%), North America (development of 8%) and North East Asia (development of seven.3%).
Amongst high exporting locations, the USA, UAE, Saudi Arabia, Germany, Singapore, UK, Mexico, and so on. skilled optimistic development in April-September 2024-25.
Engineering items exports to the US registered 8% year-on-year development in September this yr at US$1.55 billion. Throughout the April-September interval of FY25, shipments to the US have been increased by 6.2% year-on-year at US$9.28 billion.
Engineering exports to the UAE surged 49.9% year-on-year to US$672.1 million in September 2024. Within the first six months of the fiscal, shipments to the UAE grew 44.8% year-on-year to US$3.90 billion. Engineering exports to China grew marginally by 1.5% year-on-year to US$264.2 million in September this yr whereas development was 9.3% on a cumulative foundation.
