Engg exports to 18 key markets see positive growth in October
The trade body said China, Italy, Singapore and Indonesia were among the countries that saw a decline in engineering shipments during the month.
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KOLKATA: Indian engineering exports to 18 key markets recorded positive growth in October, Engineering Exports Promotion Council (EEPC) India said in a statement.
Countries which registered positive growth in exports during October include the UK, US and UAE among others.
The trade body said China, Italy, Singapore and Indonesia were among the countries that saw a decline in engineering shipments during the month.
Engineering exports to the US was $1391.5 million, up 2.2 per cent year-on-year against $361 million. For Germany, exports in October was higher by 20 per cent at $342.7 million, it said.
Engineering exports to UAE increased 2.9 per cent year-on-year at $348.6 million, EEPC said.
On the whole, engineering exports from India during October increased to $8,094.20 million, registering a rise of 7.2 per cent from $7,550.69 million year-on-year.
Cumulative engineering exports from April to October 2023 were down 1.61 per cent at $61.63 billion from $62.63 billion in the previous similar period.
EEPC India chairman Arun Kumar Garodia said the metal sector, specifically iron and steel, aluminium and zinc products saw a decline in exports in October this year.
He said the slump in demand in developed countries especially the European Union had contributed to the decline in offtake from the metal sector, which is also worsened by issues like various market barriers imposed on the Indian exporters.
Share of India’s engineering to total merchandise exports was 24.11 per cent in October 2023, EEPC said.
