Sunday, May 26 2024 | Time 06:06 Hrs(IST)
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Business Economy


Engineering exports to Russia double to $1.22 billion in FY24 up to Feb, shipments to US dips

Kolkata, Mar 26 (UNI) Indian engineering goods exports to Russia nearly doubled to US$1.22 billion in the current financial year 2023-24 (up to February) from US$ 616.68 million in the previous
financial year while shipments to the US dipped 7% year-on-year during this period, according to EEPC India.
In FY24 up to February, the value of engineering goods exports to the
US stood at US$ 15.95 billion as compared to US$17.10 billion in the
same period of the preceding year.
Among other key markets, India's engineering goods exports to China
witnessed a marginal decline in FY24 till February at US$ 2.38 billion
as against US$ 2.40 billion in the corresponding period of the
previous financial year.
Engineering shipments to UAE and Australia with which India signed a
free trade agreement (FTA) remained positive in FY24 up to February
despite the year being quite challenging for global trade. While
engineering exports to the UAE rose 16% year-on-year to US$ 5.22
billion in the current fiscal till February, shipments to Australia
increased 5percent to US$ 1.30 billion in this period.
Overall, cumulative engineering exports started narrowing down and
witnessed growth as it was recorded at US$ 98.03 billion during
April-February 2023-24 as against US$ 96.84 billion during
April-February 2022-23, securing 1.23 pc growth.
"In the last few months, engineering exports from India have been on a
steady growth path. In February 2024, India’s engineering exports
reached US$ 9.94 billion recording the highest y-o-y growth (15.9%) in
the fiscal 2023-24. The remarkable performance of the sector in the
last three months made it possible for the cumulative exports to also
record a growth," said EEPC India Chairman Arun Kumar Garodia said on
Tuesday.
He further said, "The FTA with UAE and the negotiations with GCC have
been quite effective as West Asia and North Africa’s share in India’s
engineering export basket increased from 12% last year to 15% this
year. This performance has been possible despite the difficult global
trade situation."
As per studies, 2023 witnessed the slowest trade growth in the last 50
years outside the global recession years. The continuing geopolitical
tensions and lack of demand across the globe marred any recovery
efforts that were made in the post-pandemic era.
"As India’s current performance stabilizes, we are hopeful that with a
positive turn of the tide in global trade, our exporting community
will be able to lift up their export performance," Garodia said.
India’s engineering exports achieved year-on-year growth for the third
straight month to February 2024 and the rate of growth at 15.9 pc was
the highest in fiscal 2023-24.
The share of engineering exports in India's total merchandise exports
increased to 24.01 pc in February 2024 from 23.75 pc in January 2024.
On a cumulative basis, the share was 24.82 pc during April-February
2023-24.
In February 2024, as many as 28 out of 34 engineering panels
witnessed positive year-on-year growth, while 6 remaining engineering
panels experienced a decline. Exports of Zinc and products, Nickel and
products, Motor Vehicle/Cars, Railway Transport and parts, Ships and
Boats, and Office Equipment dropped.
On a cumulative basis, as many as 20 out of 34 engineering panels
recorded positive growth and the remaining 14 engineering panels
including Iron and Steel, some non-ferrous sectors including
Aluminium, Zinc, Nickel, etc, sectors from Industrial Machinery and
Automobiles recorded negative growth during April-February 2023-24.
Region-wise, positive year-on-year growth in February 2024 was
observed in almost all the regions like N E Asia, WANA, Latin America,
EU, CIS, Oceania, North America, and Sub-Saharan Africa. Only ASEAN
and South Asia reported declines.
UNI PC KK GNK
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