India's July engineering exports up 3.66%, shipments to Bangladesh fall 12%
NEW DELHI : Based on the Engineering Exports Promotion Council (EEPC), the exports of Indian engineering goods to various countries, including the US, UAE, Saudi Arabia, and Singapore, increased although its exports to Bangladesh as well as Russia fell.
25 top destinations for Indian engineering goods, shipments expanded to 10 countries and declined to 15. Together, these top 25 countries account for 75.5% of India's total engineering exports, according to EEPC.
In India's engineering goods exports to the US reached $1.5 billion, a 4.2% increase from last year. Exports to the UAE surged 65.6% to $625.78 million, and shipments to Saudi Arabia grew 9.2% to $412.30 million.
However, exports to Bangladesh dropped 11.8% to $153.78 million, and to Russia, they fell 26.8% to $90.39 million.
Indian engineering exports grew for the third consecutive though at a slower 3.66% year-on-year rate compared to over 10% .The total value reached $9.04 billion, up from $8.72 billion last year.
The growth in 2024 was driven by increased shipments of electrical machinery, automobile and auto components, and construction machinery like cranes, lifts, and winches.
EEPC India Chairman Arun Kumar Garodia expects engineering exports to improve, with global GDP growth forecasts around 3% for 2024 and a cautiously optimistic short- term trade outlook.
Engineering goods made up 26.60% of India's total merchandise exports , with a cumulative share of 25.65%
Excluding iron and steel, engineering exports posted stronger growth both monthly and cumulatively, while iron and steel exports fell by nearly 27% and 31.6% during 2024-25.
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