Business EconomyPosted at: Apr 27 2025 8:28PM


Engineering goods exports from India reach all-time high in FY25, hitting $116.67 billion

Kolkata, Apr 27 (UNI) Registering a year-on-year growth of 6.74 percent, engineering goods exports from India reached its all-time high of USD 116.67 billion in fiscal 2024-25 (FY25), surpassing the previous high of USD 112.10 billion achieved in fiscal 2021-22, according to EEPC India.
The value of total engineering exports had stood at USD 109.30 billion in 2023-24.
While the US remained the number one destination for Indian engineering exports in FY25, significant export growth was noted in the UAE, Singapore, Nepal, Japan and France. Engineering goods exports to the US grew 8.7 pc to US$19.15 billion in FY25 from US$17.62 billion in FY24.
Engineering exports outweighed the broader merchandise exports in terms of growth as India’s exports saw a marginal 0.08 pc year-on-year increase in 2024-25. As a result, the share of engineering exports in India’s overall merchandise exports increased to 26.67 pc in 2024-25 from 25.01 pc in the previous fiscal.
"The performance of Indian engineering exports was remarkable in 2024-25 as it came during extreme global uncertainty following geopolitical disturbances and economic slowdown in major developed and emerging nations. This was further aggravated by US President Donald Trump's decision to raise import duty on dozens of its trade partners, including India," said EEPC India chairman Pankaj Chadha on Sunday.
As many as 28 out of 34 engineering panels recorded positive growth, and the remaining six engineering panels, including iron and steel, some non-ferrous sectors, including copper and aluminium products, office equipment, other construction machinery, and mica products, recorded negative growth during April-March 2024-25.
North America maintained its spot as the number one export destination with a share of 20.5 pc, followed by the EU (17.1 pc) and WANA (16.7 pc) in 2024-25. In cumulative terms, all regions experienced growth, barring Oceania (-10.4 pc) and the EU (-1.9 pc) in the financial year ending March 2025.
Despite achieving a record high figure in 2024-25, Indian engineering exports declined every month in March 2025. Engineering exports in March 2025 were recorded at USD10.82 billion as against USD11.27 billion in March 2024, registering a decline of 3.92 pc year-on-year.
"In the coming days, the engineering exporting community of India needs to prepare for the continually changing and uncertain global trade dynamics. The global trade is undergoing significant disruptions, the most important being the announcement of US President Donald Trump’s “Liberation Day Tariff,” which has already sparked retaliatory measures from other countries and concerns about global economic stability," said Chadha.
The WTO has already sounded caution, stating that under the current conditions, the volume of global merchandise trade is likely to fall by 0.2 pc in 2025.
As per the WTO, a temporary tariff pause by the US may arrest some trade contraction, there are significant downside risks, including retaliation by other countries and policy uncertainty, which may further impact global trade volume by around 1.5 pc, particularly hurting the export-oriented least developed countries.
The tariffs are a new addition to the list of trade disruptions that have been ongoing in recent years, including global conflicts and the rise of protectionism.
"In this situation, it is important for the government and the industry to adopt strategies that will help us mitigate the issue to our advantage. The decision to negotiate a bilateral trade agreement with the US is a welcome step. Simultaneously, it is also essential for us to diversify our export destinations," said the EEPC India chairman. UNI PC SSP
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