New Delhi, Aug 23 India's engineering goods exports went up 3.66 per cent in July, as shipments to countries such as the US, the UAE, Saudi Arabia and Singapore recorded positive growth, the Engineering Export Promotion Council (EEPC) of India data showed on Friday.
The total value of engineering goods exports in July stood at $9.04 billion as against $8.72 billion in the same month last year. The uptick was attributed to a decent rise in shipments of electrical machinery, automobile and auto components, and construction machinery including cranes, lifts and winches, among others.
Cumulative engineering exports during the April-July period were recorded at $36.97 billion as against $35.49 billion during the same period of the last fiscal, registering an increase of 4.18 per cent, according to the EEPC India.
At $1.5 billion, engineering goods exports to the US recorded 4.2 per cent (year-on-year) growth in July this year.
Engineering exports to the UAE stood at $625.78 million (up 65.6 per cent YoY) and to Saudi Arabia rose 9.2 per cent to $412.30 million.
Out of the 25 key destinations for Indian engineering goods, exports were positive in the case of 10 countries while negative growth was witnessed in the case of 15 countries. The top 25 countries contribute 75.5 per cent of total engineering exports to the country.
"The situation in overall engineering exports is expected to improve in the future as global forecasts for GDP growth remain at around 3 per cent for 2024, with the short-term trade outlook being cautiously optimistic,” said Arun Kumar Garodia, EEPC India Chairman.
The Union Budget 2024-25 is expected to facilitate MSMEs and export finance significantly. The Budget has also promised rationalized basic customs duties (BCDs) for key inputs which would give a further boost to engineering exports.
Meanwhile, engineering exports to Bangladesh fell 11.8 per cent (YoY) to $153.78 million in July, against $174.35 million in July last year.
According to quick estimates of the Department of Commerce, the share of engineering in India's total merchandise exports increased to 26.6 per cent in July.
In July 2024, as many as 24 out of 34 engineering panels witnessed positive year-on-year growth, while 10 remaining engineering panels experienced a decline.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor