Team Blitz India
NEW DELHI: Exports of engineering products from India witnessed growth from countries such as the US, Saudi Arabia, and the United Arab Emirates (UAE) during October but contracted from several nations in the European Union (EU), China, and Southeast Asia, according to Government data.
After a slump during the first half of this year, India’s engineering exports recorded positive year-on-year growth for the third straight month in October at 7.2 per cent, even as the cumulative growth in exports of such products during the first seven months of the current financial year (2023-24) saw a 1.6 per cent contraction.
“The slump in demand in developed countries, especially the EU, has caused issues for Indian metal exporters. The situation has been further worsened by the various market access barriers that countries in the EU and North America are imposing on Indian exporters,” Engineering Export Promotion Council (EEPC) of India Chairman Arun Kumar Garodia said.
Engineering products include a wide variety of items ranging from iron and steel products, electrical and industrial machinery, to automobile and airport-related products. The share of such products hovers around a quarter of India’s overall outbound shipments.
