ENA Sectors 2024-10-25 14:00:18 <p><span style="font-size:14px"><strong>New Delhi, Oct 25 (KNN)</strong> Engineering exports from India maintained their upward trajectory in September 2024, marking the fifth consecutive month of growth in the fiscal year 2024-25.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The growth was primarily driven by strong performance in industrial machinery, electrical machinery, automobile components, and medical devices sectors.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">He urged continued government support to maintain the sector's global competitiveness amid current market challenges.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The cumulative data for April-September showed similar trends, with 25 panels recording growth while 9 sectors faced headwinds.</span></p> <p><span style="font-size:14px">Geographically, North America and the European Union remained the primary export destinations, commanding shares of 21 percent and 17 percent respectively.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39702 https://knnindia.co.in/news/newsdetails/sectors/indias-engineering-exports-grew-10-in-september-2024-eepc 2024-10-25 14:00:18 knnindia.co.in