GG News Bureau
Kolkata, 28th Nov. Indian engineering exports to 18 key markets experienced positive growth in October, stated a statement from the Engineering Exports Promotion Council (EEPC) India.
The UK, US, and UAE were among the countries that saw an increase in exports during this period.
However, China, Italy, Singapore, and Indonesia witnessed a decline in engineering shipments. The US saw a 2.2% year-on-year increase in engineering exports, reaching USD 1391.5 million, while Germany experienced a 20% rise to USD 342.7 million.
Engineering exports to the UAE also grew by 2.9% to USD 348.6 million. Overall, engineering exports from India in October reached USD 8,094.20 million, a 7.2% increase compared to the previous year. However, cumulative engineering exports from April to October 2023 were down 1.61% at USD 61.63 billion.
Arun Kumar Garodia, Chairman of EEPC India, attributed the decline in exports of iron, steel, Aluminium, and zinc products to a decrease in demand from developed countries, particularly the European Union, as well as market barriers imposed on Indian exporters.
In October 2023, India’s engineering exports accounted for 24.11% of total merchandise exports.
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