Indian engineering products are exported by top 25 global players



Indian engineering products are exported by top 25 global players

According to engineering export promotion organisation EEPC India, India’s exports of engineering products to 18 of the top 25 countries in the world, maintained positive growth in October 2023

China, Italy, Singapore and Indonesia were among the countries that saw a decline in shipments of engineering products from India during the period. This is reported by
Trinity Mirror, a partner of TV BRICS.

The value of mechanical engineering exports to the US in October 2023 was $1,391.5 million, up 2.2 per cent year-on-year. Machinery exports to the UAE grew by 2.9 per cent year-on-year (to $348.6 million) during the period.

According to data released by EEPC India, engineering exports to the UK in October 2023 grew 60.3 per cent year-on-year to $302.5 million. Exports of engineering goods to Germany in October 2023 totalled USD 342.7 million and were 20 per cent higher than last year.

Meanwhile, during the period, engineering exports to China fell by 6.4 per cent year-on-year (to $213.2 million) and to Indonesia by 18.2 per cent (to $122.9 million).

Overall, engineering exports from India rose to $8,094.20 million in October 2023 from $7,550.69 million in October 2022, registering a growth of 7.2 per cent year-on-year. The lower base of the previous financial year was attributed to this growth.

Cumulative machinery exports for April-October 2023-2024 decreased by 1.61 per cent, falling to $61.63 billion from $62.63 billion in the same period last year.

In October 2023, 26 out of 34 engineering sub-sectors saw positive year-on-year growth, while eight groups, including major raw material industries such as metallurgy, non-ferrous metals and machinery, posted negative export growth.

Collectively, 21 out of 34 groups in machinery recorded positive growth between April and October 2023-2024.

After a dip in the first half of this year, India’s engineering exports continued to show positive year-on-year growth for the third consecutive month in October 2023. This was despite the fact that aggregate export growth was negative.





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