India's Engineering Exports Grew 10% In September 2024: EEPC

New Delhi, Oct 25 (KNN) Engineering exports from India maintained their upward trajectory in September 2024, marking the fifth consecutive month of growth in the fiscal year 2024-25.

The sector recorded a 10.55 percent year-on-year increase, reaching USD 9.82 billion compared to USD 8.89 billion in September 2023, driven by strong demand from markets including the United States, United Kingdom, United Arab Emirates, Germany, and Mexico.

The cumulative engineering exports for the first half of the fiscal year (April-September 2024-25) reached USD 56.23 billion, showing a 5.25 percent increase from the USD 53.42 billion recorded during the same period last year.

The sector's contribution to India's total merchandise exports has steadily increased, rising from 26.60 percent in July to 28.41 percent in September 2024.

The growth was primarily driven by strong performance in industrial machinery, electrical machinery, automobile components, and medical devices sectors.

However, the metal segment showed mixed results, with iron and steel exports experiencing a modest decline of 2 percent in September 2024, and a more substantial 26.1 percent decrease during the April-September period.

EEPC India Chairman Arun Kumar Garodia attributed the decline in ferrous and non-ferrous metal sectors to global uncertainties, evolving trade policies, and increasing domestic demand.

He urged continued government support to maintain the sector's global competitiveness amid current market challenges.

Analysis of engineering panels revealed positive growth in 26 out of 34 sectors during September 2024. However, certain segments, including railway transport equipment, ships, and floating bodies, experienced declining exports.

The cumulative data for April-September showed similar trends, with 25 panels recording growth while 9 sectors faced headwinds.

Geographically, North America and the European Union remained the primary export destinations, commanding shares of 21 percent and 17 percent respectively.

The West Asia and North Africa (WANA) region emerged as the fastest-growing market, recording a 24.1 percent growth during April-September 2024-25, followed by strong performances in the CIS region and other European markets.

(KNN Bureau)