Indian engineering exports have maintained positive growth for the last five consecutive months, despite multiple challenges from geo-political tensions, according to EEPC India.
In September 2024, the total value of engineering goods exports stood at US$9.82 billion, up 10.5 percent compared to US$8.89 billion in the same month last year, EEPC India chairman Arun Kumar Garodia said on Thursday.
Cumulatively, engineering goods exports in the April-September 2024-25 are US$56.23 billion, registering a growth of 5.3 pc over US$53.42 billion in the same period last year. In the first six months of the current financial year, the engineering exports sector has emerged as one of the major growth drivers of overall shipments.
Some of the engineering goods segments like industrial machinery and auto & auto components have done well in the current fiscal so far but the performance of the metal sector has been below par for a number of reasons including pricing issues and logistics costs. Protectionist policy adopted by some of the countries has also affected metal exports from the country, he added.
Facing weak demand from some of the top export markets, the Indian engineering exporting community has been exploring new markets and expanding its product base. Possible free trade agreements with countries in Latin America and Africa would strengthen the position of Indian engineering exporters in those markets. The engineering sector has significantly benefitted from free trade pacts with the UAE and Australia, Garodia explained.