India’s engineering exports in the primary eight months of the fiscal, ended November, declined 1.81% to $69.46 billion in comparison with $70.74 billion in the yr ancient times.
Excluding iron and metal, the exports recorded a marginal 0.79% improve through the interval. For November, the exports at $7.85 billion was 3.10% decrease from $8.10 billion in the corresponding interval of earlier fiscal. The decline got here after three months of progress, from August, engineering exporters physique EEPC India stated.
High rates of interest, weak industrial output, volatility in commodity costs and improve in commerce restrictive measures are affecting international commerce and in flip, India’s engineering exports, Chairman Arun Kumar Garodia stated. “Raw material prices and high cost of logistics are becoming an additional burden for Indian exporters amid global trade depression. We urge the government to look into these matters and continue supporting us to keep us competitive in the global market,” he stated.
EEPC, in a launch, stated engineering items exports to West Asia and North Africa, North East Asia and CIS nations recorded constructive year-on-year progress in the eight months whereas shipments to key areas like North America, EU, ASEAN and South Asia declined. On a cumulative foundation, 16 out of 34 engineering panels recorded detrimental progress throughout April-November 2023-24.
In November, 10 engineering panels noticed constructive year-on-year progress, whereas 24 panels, together with main uncooked supplies like iron and metal, non-ferrous sectors and equipment, skilled detrimental export progress. Shipments to the U.S., the highest engineering items market, UK, Germany, Italy, China declined, whereas exports to Saudi Arabia, Russia, South Korea, Mexico, Singapore, UAE and Brazil had been extra year-on-year progress.
