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.
Total engineering exports from April to July were $36.97 billion, up 4.18 percent from $35.49 billion in the same period of the previous fiscal year, according to EEPC India.
Exports of engineering items to the US reached $1.5 billion in July of this year, up 4.2% on a yearly basis.
Engineering exports were valued at $625.78 million, up 65.6% from the previous year, to the United Arab Emirates, and $412.30 million, up 9.2%, to Saudi Arabia.
It is anticipated that the Union Budget 2024–25 will greatly improve export financing for MSMEs. Additionally, the Budget has committed to reducing basic customs duties (BCDs) on essential inputs, which will increase engineering exports.
In the meantime, engineering exports to Bangladesh decreased 11.8% (YoY) to $153.78 million in July as opposed to $174.35 million in the same month the previous year.
The Department of Commerce’s initial estimates indicate that in July, engineering accounted for 26.6% of India’s total merchandise exports.
Up to 24 of the 34 engineering panels had positive year-over-year growth in July 2024, with the remaining 10 engineering panels seeing a fall.
