The share of engineering goods in India’s total merchandise exports increased to 27.20 per cent in August, from 26.60 per cent in July, a report showed on Thursday.
engineering goods (photo:IANS)
The share of engineering goods in India’s total merchandise exports increased to 27.20 per cent in August, from 26.60 per cent in July, a report showed on Thursday.
The cumulative share stood at 25.97 per cent during the April-August period.
According to the Engineering Export Promotion Council (EEPC), the growth was due to a decent rise in shipments of product groups such as ‘aircraft and spacecraft parts’, ‘ships, boats and floating structures’, ‘automobile and auto components/parts’, and ‘medical and scientific instruments’.
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After a decline in April, engineering goods exports from India started showing an increasing trend and registered positive growth in subsequent months.
In August, engineering exports rose to $9.44 billion from $9.05 billion in the same month last fiscal year, securing 4.36 per cent growth. As per EEPC, cumulative engineering exports during April-August 2024-25 were recorded at $46.41 billion as against $44.53 billion during the same period of the last fiscal, registering an increase of 4.21 per cent.
Arun Kumar Garodia, Chairman of EEPC India, said that global trade data has been positive for Indian exports and as per the latest UN data, India, China, and the US are driving the global trade recovery.
“Globally trade within the developing countries or South-South trade is also on the rise. However, the major trade institutions across the world caution that the outlook for 2024 is tempered by potential geopolitical issues and industrial policy impacts,” he mentioned.
As many as 20 out of 34 engineering panels witnessed positive year-on-year growth last month, while 14 remaining engineering panels experienced a decline. Notably, shipment of ‘aircraft and spacecraft parts and products’ jumped nearly four times to $436.9 million from $114.6 million in the corresponding month last year. Also, automobile and auto component segment exports registered 6 per cent (year-on-year) growth to $1.97 billion.
The US, the UAE, Saudi Arabia, Turkey, Singapore, the UK, and Mexico experienced positive growth in the April-August period.
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