[ad_1]
Engineering items, which account for one-fourth of merchandise exports, rose 2.13% within the 2023/24 monetary yr, to $109.3 billion from a yr earlier, Engineering Export Promotion Council (EEPC), a physique affiliated with the Commerce Ministry, stated in an announcement on Thursday.
Exports have been dented by a slowdown in world demand, the continuing Russia-Ukraine battle and the Pink Sea transport disaster introduced on by battle within the Center East, exporters stated.
Engineering exports to the U.S. declined 5.7% year-on-year to $17.62 billion in 2023/24.
India’s merchandise exports fell within the 2023/24 monetary yr – the primary decline since 2020/21 – to $437 billion from $451 billion within the earlier yr.
Car exports declined 5.5% in 2023/24 monetary yr, hit by a scarcity of foreign exchange reserves in some markets. “Nonetheless, a revival of exports was famous in key markets together with North America, EU and North East Asia,” stated Arun Kumar Garodia, chairman of EEPC. North America and the European Union (EU) remained India’s high locations for engineering exports with a share of 20% and 19%.
Engineering exports to Russia grew sharply within the fiscal yr to $1.35 billion from $733.6 million within the previous yr.
The exporters nonetheless stay frightened about prospects within the coming months.
“The protectionist environmental insurance policies of the EU and gradual financial revival in China will proceed to create uncertainties for the exporters,” Garodia stated.
Engineering exports to China, a key market, remained nearly flat at $2.65 billion in 2023/24, in comparison with $2.63 billion within the earlier monetary yr.
