Indian engineering exports to 18 key markets record positive growth in October

Kolkata: Indian engineering exports to 18 key markets recorded positive growth in October, Engineering Exports Promotion Council (EEPC) India said in a statement.

Countries which registered positive growth in exports during October include the UK, US and UAE among others.

The trade body said that China, Italy, Singapore and Indonesia were among the countries that saw a decline in engineering shipments during the month.

Engineering exports to the US was USD 1391.5 million, up 2.2 per cent year-on-year against USD 1361 million. For Germany, exports in October was higher by 20 per cent at USD 342.7 million, it said.

Engineering exports to UAE increased 2.9 per cent year-on-year at USD 348.6 million, EEPC said.

On the whole, engineering exports from India during October increased to USD 8,094.20 million, registering a rise of 7.2 per cent from USD 7,550.69 million year-on-year.

Cumulative engineering exports from April to October 2023 were down 1.61 per cent at USD 61.63 billion from USD 62.63 billion in the previous similar period.

EEPC India chairperson Arun Kumar Garodia said that the metal sector, specifically iron and steel, aluminium and zinc products saw a decline in exports in October this year.

He said that the slump in demand in developed countries especially the European Union had contributed to the decline in offtake from the metal sector, which is also worsened by issues like various market barriers imposed on the Indian exporters.

Share of India's engineering to total merchandise exports was 24.11 per cent in October 2023, EEPC said.