Due to lower shipments of metals like iron, copper and steel, India’s engineering exports has declined by 3.2 percent to USD 8.67 billion in April 2024.
Lower shipment of steel was majorly witnessed in Italy, Nepal, the UAE, The Netherlands, China, South Korea, The USA. Particularly, engineering exports to USA increased by 1.2% year-on-year to USD 1.41 billion in April this year.
Shipments to Saudi Arabia was higher by 48.9% in April 2024, at USD 435.72 million as compared to USD 292.72 million in April 2023. Engineering exports to China went up by 14.8 % to USD 210.29 million from USD 183.24 million in the same month last year.
Apart from the export of iron and steel, engineering exports recorded a growth of 2.61% in April 2024. The export of both the metals declined by a considerable 36.41%.
USA, UK, Saudi Arabia, China, Singapore, UAE and Mexico experienced positive growth in 2024, whereas Japan, Turkey, Italy, Nepal, Brazil, Thailand and many more saw negative export growth. North-America and the European Union remained India’s topmost destination for Engineering exports.
