Engineering exports gathered pace in June 2024 growing 10.27 per cent (year-on-year) to $9.39 billion with a rise in shipments of electrical machinery, motor vehicles, products of iron and steel, auto components and parts, and Industrial machinery, according to an analysis done by industry body EEPC India.
“After starting the new fiscal with a 4.49 per cent year-on-year decline in April, Indian engineering exports in May 2024 bounced back to growth and then recorded double-digit growth in June 2024 at 10.27 per cent year-on-year,” the report stated. Cumulative exports in April-Jun 2024-25 grew 4.34 per cent to $27.92 billion.
India’s overall goods exports in June 2024 increased at a slower pace of 2.6 per cent (year-on-year) to $35.2 billion. In the April-June 2024-25 period, goods exports rose 5.84 per cent to $109.96 billion
Top destinations
North America and the EU remained India’s topmost destinations for engineering exports with share of 21 per cent and 17 per cent respectively. Among top exporting destinations, the US, the UAE, Saudi Arabia, Turkey, Singapore, the UK, Mexico experienced growth in April-June 2024-25 while exports to Germany, Italy, Korea Rep, Nepal and Bangladesh posted a fall.
In June 2024, 26 out of 34 engineering panels witnessed growth in exports, while 8 remaining engineering panels experienced a decline. Exports of iron and steel, non-ferrous products including copper, zinc and tin products, other products including industrial boilers and office equipment, declined.
In the April-June 2024-25 period, 23 out of 34 engineering panels recorded growth. Remaining 11 engineering panels posted a decline. Exports of iron and steel dropped 33 per cent due to tough competition from cheaper Chinese steel, drop in domestic production and increase in domestic demand, the analysis noted.