Engineering exports rise 10.27% in June propped by equipment, autos, auto elements, iron & metal merchandise

Engineering exports gathered tempo in June 2024 rising 10.27 per cent (year-on-year) to $9.39 billion with an increase in shipments {of electrical} equipment, motor autos, merchandise of iron and metal, auto elements and elements, and Industrial equipment, based on an evaluation finished by trade physique EEPC India.

“After beginning the brand new fiscal with a 4.49 per cent year-on-year decline in April, Indian engineering exports in Could 2024 bounced again to development after which recorded double-digit development in June 2024 at 10.27 per cent year-on-year,” the report said. Cumulative exports in April-Jun 2024-25 grew 4.34 per cent to $27.92 billion.

India’s total items exports in June 2024 elevated at a slower tempo of two.6 per cent (year-on-year) to $35.2 billion. Within the April-June 2024-25 interval, items exports rose 5.84 per cent to $109.96 billion 

High locations

North America and the EU remained India’s topmost locations for engineering exports with share of 21 per cent and 17 per cent respectively. Amongst prime exporting locations, the US, the UAE, Saudi Arabia, Turkey, Singapore, the UK, Mexico skilled  development in April-June 2024-25 whereas exports to Germany, Italy, Korea Rep, Nepal and Bangladesh posted a fall.

In June 2024, 26 out of 34 engineering panels witnessed development in exports, whereas 8 remaining engineering panels skilled a decline. Exports of iron and metal, non-ferrous merchandise together with copper, zinc and tin merchandise, different merchandise together with industrial boilers and workplace gear, declined.

Within the April-June 2024-25 interval, 23 out of 34 engineering panels recorded development.  Remaining 11 engineering panels posted a decline. Exports of iron and metal  dropped  33 per cent because of powerful competitors from cheaper Chinese language metal, drop in home manufacturing and improve in home demand, the evaluation famous.