New Delhi, Dec 28 (KNN) The Engineering Exports Promotion Council (EEPC) of India has reported a 1.81 per cent decline in the export of engineering goods from April to November in the current financial year.

The exports have shrunk to  USD 69.46 billion, compared to USD 70.74 billion in the corresponding period last year.

While engineering goods exports to West Asia and North Africa (WANA), Northeast Asia, and CIS countries showed positive year-on-year growth in the first eight months of the financial year 2023-24, shipments to key regions such as North America, the EU, ASEAN, and South Asia witnessed a decline.

Excluding iron and steel, engineering exports recorded a modest 0.79 per cent year-on-year growth during April-November 2023-24, according to a statement by EEPC.

In November 2023 alone, engineering exports from India declined by 3.10 per cent, falling from USD 8.10 billion in November 2022 to USD 7.85 billion.

EEPC India chairman Arun Kumar Garodia noted the latest export figures and expressed concerns about various factors impacting global trade and, consequently, India's engineering exports.

Garodia stated, "Overall, factors like high-interest rates and weakening industrial output, volatility in commodity prices and increase in trade-restrictive measures are affecting global trade and in turn India's engineering exports".

In response to the challenging situation, Garodia sought guidance and support from the government.

He highlighted additional burdens faced by Indian exporters, such as rising raw material prices and high logistics costs, amidst the global trade depression.

“We urge the government to look into these matters and continue supporting us to keep us competitive in the global market," he added.

According to EEPC, the share of engineering exports in India's total merchandise exports was recorded at 23.17 per cent in November 2023, compared to 24.11 per cent in the preceding month.

While exports to certain top destinations like Saudi Arabia, Russia, South Korea, Mexico, Singapore, the UAE, and Brazil experienced year-on-year growth in November 2023, shipments to the USA, UK, Germany, Italy, and China saw negative export growth, as reported by the trade body.

Notably, the signing of the Free Trade Agreement (FTA) with Australia resulted in a decline in engineering exports to the country for the first time in November of this year.

(KNN Bureau)