Engineering Exports Grow 7.3% in May: EEPC India

17 Jun 2024 CW Team

Engineering exports from India saw a robust growth of 7.3% year-on-year in May, reaching USD 9.98 billion, signaling a positive trend amidst global economic uncertainties, according to the Engineering Export Promotion Council (EEPC) of India.

The council reported that the April-May period of FY25 recorded total exports of USD 18.65 billion, slightly up from USD 18.25 billion in the same months of FY24. EEPC India Chairman Arun Kr Garodia expressed cautious optimism, noting the improvement in demand across key markets and anticipating further growth throughout the fiscal year.

"We remain cautiously optimistic with the upturn in shipments which reflects improvement in the demand scenario in key markets. The global economic outlook is expected to improve in the ongoing fiscal and exporting community remains optimistic," said Garodia.

He highlighted the potential impact of softening price pressures and easing interest rates in major advanced economies, which are expected to boost demand for engineering exports. Garodia also mentioned ongoing negotiations of Free Trade Agreements (FTAs), which could provide a significant boost to the sector once finalized within the fiscal year.

Despite positive near and medium-term outlooks, Garodia acknowledged challenges faced by exporters, particularly high ocean freight rates on key routes and competitive pressures from China.

"China's increased shipments to the US ahead of potential import duties from August may impact our exports," Garodia added.

In conclusion, while engineering exports show resilience with consistent growth, EEPC India emphasizes vigilance amidst evolving global trade dynamics.

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