India's Engineering Exports Grow By 10.7% In March: Govt

The Commerce Ministry department has underlined that India’s exports in engineering goods, including steel and machinery, have surged by 10.7 per cent YoY in April to USD 11.28 billion, according to a media report on Friday.

The trade body, Engineering Export Promotion Council (EEPC) highlighted the growth has doubled for the second straight month, despite the ongoing supply issues caused by the Red Sea crisis.

EEPC underscored that the engineering goods that accounted for one-fourth of merchandise exports rose by 2.13 per cent in the FY2023-24 to USD 109.3 billion from a year earlier.

Meanwhile, the exporters have registered a decline in worldwide demand, which has risen due to global tensions. The ongoing conflict between Russia and Ukraine and the shipping crisis in the Red Sea.

The report highlighted that engineering exports to the US declined by 5.7 per cent YoY to USD 17.62 billion in FY 2023-2024.

Further, the trade body revealed that India's merchandise exports fell in FY2023-2024, to USD 437 billion from USD 451 billion in the previous year. This is one of the first declines since the FY 2020-2021.

The automobile exports also experienced a decline of 5.5 per cent in FY2023-2024, which was reported by a shortage of forex reserves in some markets.

Meanwhile, North America and the European Union (EU) remained the region for India’s top engineering exports with a share of 20 per cent and 19 per cent respectively.