India’s July engineering exports up 3.66%, shipments to Bangladesh fall 12%
NEW DELHI : Based on the Engineering Exports Promotion Council (EEPC), the exports of Indian engineering goods to various countries, including the US, UAE, Saudi Arabia, and Singapore, increased in July 2024, although its exports to Bangladesh as well as Russia fell.
Of the 25 top destinations for Indian engineering goods, shipments expanded to 10 countries and declined to 15. Together, these top 25 countries account for 75.5% of India’s total engineering exports, according to EEPC.
In July 2024, India’s engineering goods exports to the US reached $1.5 billion, a 4.2% increase from last year. Exports to the UAE surged 65.6% to $625.78 million, and shipments to Saudi Arabia grew 9.2% to $412.30 million.
However, exports to Bangladesh dropped 11.8% to $153.78 million, and to Russia, they fell 26.8% to $90.39 million.
Indian engineering exports grew for the third consecutive month in July 2024, though at a slower 3.66% year-on-year rate compared to over 10% in June 2024. The total value reached $9.04 billion, up from $8.72 billion last year.
The growth in July 2024 was driven by increased shipments of electrical machinery, automobile and auto components, and construction machinery like cranes, lifts, and winches.
EEPC India Chairman Arun Kumar Garodia expects engineering exports to improve, with global GDP growth forecasts around 3% for 2024 and a cautiously optimistic short-term trade outlook.
Engineering goods made up 26.60% of India’s total merchandise exports in July 2024, with a cumulative share of 25.65% from April to July 2024-25.
Out of 34 engineering panels, 24 showed year-on-year growth in July 2024, while 10, including iron and steel, non-ferrous products, and industrial machinery, declined.
Excluding iron and steel, engineering exports posted stronger growth both monthly and cumulatively, while iron and steel exports fell by nearly 27% in July and 31.6% during April-July 2024-25.
The top destinations for Indian engineering exports were North America and the European Union, with shares of 21% and 17%, respectively. West Asia and North Africa registered the highest growth at 25.5% during April-July 2024-25.