India’s engineering goods exports increased for the third consecutive month in July 2024, although at a slower rate, posting a growth of 3.66 per cent (year-on-year) to $9.04 billion with greater sourcing by countries such as the US, the UAE, Saudi Arabia and Singapore.

Shipments to strife-torn Bangladesh, however, fell 11.8 per cent to $153.78 million while those to Russia, too, declined 26.8 per cent to $90.39 million, according to an analysis done by industry body EEPC India.

 “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,” according to Arun Garodia, Chairman, EEPC India.

Of the 25 key destinations for Indian engineering goods, exports to ten countries increased while exports to the remaining fifteen countries fell, per the EEPC report. The top 25 countries contribute 75.5 per cent of total engineering exports to the country, it said.

Exports of engineering goods to the US in July 2024 were valued at $1.5 billion, recording a 4.2 per cent growth. Exports of the items to the UAE during the month posted a 65.5 per cent growth to $ 625.78 million while exports to Saudi Arabia rose 9.2 per cent to $412.30 million.

In April-July 2024-25, engineering exports increased 4.18 per cent to $36.97 billion. While engineering exports in April 2024 posted a decline of 4.49 per cent to $8.54 billion, it registered a rise of 7.43 per cent to $9.99 billion in May 2024 and an increase of 10.28 per cent in June 2024 to $9.39 billion.

In July 2024, as many as 24 out of 34 engineering panels witnessed growth.

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