India’s engineering exports surpassed USD 11 billion in October for the first time in the current fiscal year. The sector recorded a robust year-on-year growth of 38.53 percent, reaching USD 11.19 billion, according to an analysis by EEPC India.
The remarkable performance was primarily attributed to substantial growth in exports of aircraft, spacecraft and parts, along with ships, boats, and floating structures.
The sector also witnessed a positive turn in iron and steel exports for the first time in fiscal 2024-25, complemented by notable increases in electric machinery, industrial machinery, and automobile exports.
For the cumulative period of April-October 2024-25, engineering exports demonstrated steady growth, rising by 8.27 percent year-on-year to reach USD 66.59 billion.
The sector maintained a significant share in India’s overall merchandise exports, accounting for 28.72 percent in October and 26.75 percent during the April-October period.
EEPC Chairperson Pankaj Chadha expressed optimism about future trade prospects, citing lower inflation and moderating interest rates as potential catalysts for increased consumer and investment spending.
However, he cautioned about persistent risks including geopolitical tensions, regional conflicts, and policy uncertainty.
In terms of export destinations, the United States retained its position as India’s primary market for engineering goods in October 2024, with shipments increasing by 16 percent to USD 1.61 billion.
The United Arab Emirates emerged as a particularly strong market, with exports surging by 137 percent to USD 825.2 million, compared to USD 348.3 million in October 2023.
Other key markets, including Germany, the United Kingdom, China, South Korea, Japan, Brazil, France, Indonesia, and Bangladesh, also reported positive growth during October.
