Indian Economy News

In October, Indian engineering exports to 18 major markets showed positive increase

  • IBEF
  • November 29, 2023

According to a statement from the Engineering Exports Promotion Council (EEPC) India, October saw a healthy increase in Indian engineering exports to 18 important markets. Among the nations with positive growth in exports in October are the UK, the US, and the UAE.

According to the trade body, the countries that reported a decrease in engineering shipments during the month included China, Italy, Singapore, and Indonesia.

The engineering exports to the US were valued at US$ 1391.5 million, a 2.2% increase over US$ 1361 million in the previous year. According to the report, Germany's exports in October increased by 20% to US$ 342.7 million.

According to EEPC, engineering exports to the UAE rose 2.9% annually to US$ 348.6 million.

Overall, India's engineering exports reached US$ 8,094.20 million in October, up 7.2% from US$ 7,550.69 million in the same month last year. The total value of engineering exports during April-October 2023 was US$ 61.63 billion, 1.61% less than the corresponding period of the previous year of US$ 62.63 billion.

According to Mr. Arun Kumar Garodia, Chairman of EEPC India, exports of metal products—more especially, those made of iron and steel, aluminium, and zinc—fell in October of this year. He added that the decrease in demand from the metal sector has been worsened by a number of market barriers placed on Indian exporters, as well as by the downturn in demand in developed nations, particularly the European Union.

In October, India's engineering exports made up 24.11% of all merchandise exports.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.