Among the many 25 main locations for Indian engineering items, exports confirmed progress in 10 nations, whereas 15 nations skilled a decline. The highest 25 nations contribute 75.5% of whole engineering exports to the nation, mentioned EEPC in a press release .
At $1.5 billion, engineering items exports to the US recorded 4.2% year-on-year progress in July this 12 months. Engineering exports to the UAE stood at $625.78 million in July this 12 months, up 65.6% year-on-year. The exports to Saudi Arabia rose 9.2% year-on-year to $412.30 million in July this 12 months.
Engineering exports to Bangladesh fell 11.8% year-on-year to $153.78 million in July 2024, towards $174.35 million in July 2023. The worth of engineering exports to Russia declined 26.8% in July this 12 months to US$90.39 million from $123.55 million in the identical month final 12 months.
Indian engineering exports continued their progress run for the third month to July 2024 albeit a decrease 3.66% year-on-year progress as towards over 10% in June 2024. The entire worth of engineering items exports in July 2024 stood at US$9.04 billion as towards US$8.72 billion in the identical month final 12 months.
The expansion in engineering exports in July 2024 was resulting from an honest rise in shipments {of electrical} equipment, car and auto elements, and development equipment together with cranes, lifts, and winches, amongst others.Cumulative engineering exports throughout April-July 2024-25 have been recorded at $36.97 billion as towards $35.49 billion throughout the identical interval of the final fiscal, registering a rise of 4.18%.EEPC India Chairman Arun Kumar Garodia mentioned, “The scenario in general engineering exports is anticipated to enhance sooner or later as international forecasts for GDP progress stay at round 3% for 2024, with the short-term commerce outlook being cautiously optimistic.”
In line with the Fast Estimates of the Division of Commerce, Authorities of India, the share of engineering in India’s whole merchandise exports elevated to 26.60% in July 2024. Cumulative share stood at 25.65% throughout April-July 2024-25.
In July 2024, 24 out of 34 engineering panels witnessed optimistic year-on-year progress, whereas 10 remaining engineering panels skilled a decline. Exports of iron and metal, merchandise of iron and metal, non-ferrous merchandise together with aluminium and merchandise, different merchandise together with IC engines and components, industrial equipment for dairy, motor autos/vehicles, railway, transport, and components, bicycle, and components, workplace tools, different development, and equipment, and many others. dropped.
Out of the 34 engineering panels, 24 panels skilled optimistic progress between April and July 2024-25. Nevertheless, the remaining 10 panels, reminiscent of iron and metal, non-ferrous sectors (copper, aluminium, zinc, nickel, and many others.), industrial boilers, workplace tools, and prima mica merchandise, recorded destructive progress throughout the identical interval.
Excluding the export of iron and metal, engineering exports recorded a a lot larger progress each on a month-to-month and a cumulative foundation.
Exports of iron and metal conceded almost 27% year-on-year decline in July 2024 and 31.6% year-on-year decline throughout April-July 2024-25.
Area-wise, West Asia and North Africa (WANA) registered the very best progress of 25.5% throughout April-July 2024-25 vis-à-vis the identical interval final 12 months adopted by different Europe (progress of 17.2%), North America (progress of 8.3%), CIS (progress of 5.1%) and North East Asia (progress of two.3%).
