Whereas exports elevated to the US, Turkey, Saudi Arabia, the UAE, in addition to the West Asia North Africa (WANA) and Latin American areas, these to the EU declined considerably, in accordance with a report shared by EEPC India.
“General, engineering items exports revived in Might this 12 months in comparison with the earlier month, and we’re hopeful that the optimistic observe will proceed regardless of world geo-economic considerations. We additionally hope that the federal government will proceed to assist us in our future endeavours, particularly within the upcoming price range,” stated EEPC India Chairman Arun Kumar Garodia.
- Additionally learn: UAE, Russia, Saudi Arabia import extra Indian engineering items in April-Feb 2023-24
A decline in steel exports, particularly that of iron and metal, was an space of concern. Exports of iron & metal and associated merchandise fell 21 per cent in Might 2024 to $1.56 billion. “That is mainly because of elevated competitors from China, which is present process a decline in home demand and is flooding the worldwide markets with cheaper metals, particularly the markets in Southeast Asia and the Center East. Indian steel producers are additionally going through sure market entry points in developed international locations equivalent to these within the EU and North America,” the report stated.
Moreover, home demand in India has additionally been on the rise. On this scenario, the inclusion of metal within the RoDTEP scheme could present larger incentive for metal exporters in India, EEPC proposed.
Exports of engineering items to the US, India’s prime export vacation spot, rose 14.4 per cent in Might 2024 to $1.65 billion, whereas exports to Turkey greater than doubled to $457.5 million.
Engineering exports to Saudi Arabia and the UAE grew 81 per cent ($617 million) and 43.2 per cent ($927 million), respectively, in Might 2024. Engineering exports to China recorded a 13 per cent progress to $218.6 million.
Within the April-Might 2024 interval, engineering exports grew 1.57 per cent to $18.53 billion.
The share of engineering exports in India’s whole merchandise exports throughout Might 2024 was recorded at a better 26.61 per cent, up from 24.76 per cent in April 2024, in accordance with authorities figures. On a cumulative foundation, the share was 25.51 per cent throughout April-Might 2024-25.
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