India’s engineering exports in FY24 will surpass last year’s exports of $107 billion, but it is unlikely to touch the previous year (FY22) export levels of $112 billion. It is on the back of multiple geopolitical factors including the Russia-Ukraine war and the recent Red Sea crisis.
Briefing reporters at a press conference here on Tuesday, Engineering Exports Promotion Council (EEPC) chairman Arun Kumar Garodia said, engineering exports have already reached $80 billion between April and December of the current financial year.
“The Russia-Ukraine war has entered the third year. But the crisis has given challenges and opportunities to India, wherein our exports to Russia has jumped close to $1 billion during the April-December period and it is expected to reach $1.3 billion by the end of FY24,” he said. The exports to Russia were less than $500 million last year.
Exports to Saudi Arabia has zoomed by 70% between April and December 2023 at $3.6 billion over the corresponding period last year. Garodia said, Saudi Arabia is one of the countries recording tremendous growth of engineering goods exports in product categories such as light engineering goods, electrical and mechanical machinery and auto components .
Meanwhile, EEPC, functioning under the aegis of the Union ministry of commerce & industry , is organising the 11th edition of the international engineering sourcing show at Coimbatore for three days from March 4. More than 300 exhibitors and over 450 overseas buyers from about 50 countries are expected to participate in the event.