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India's engineering goods exports, comprising steel and machinery, increased by 10.7% year on year in March to $11.28 billion, growing in double digits for the second straight month despite persistent supply challenges caused by disruptions in shipping through the Red Sea, according to a trade association.
Engineering goods, which account for one-fourth of all merchandise exports, increased by 2.13% to $109.3 billion in the fiscal year 2023/24, according to the Engineering Export Promotion Council (EEPC), a Commerce Ministry-affiliated entity.
According to exporters, the prolonged violence in the Middle East, the slowdown in global demand, and the Red Sea shipping situation have all negatively impacted exports. In 2023–2024, engineering exports to the United States fell 5.7% annually to $17.62 billion.
India's merchandise exports fell in the 2023-24 financial year, the first decline since 2020-21 to $437 billion from $451 billion in the previous year. Automobile exports declined 5.5% in the same period, hit by a shortage of forex reserves in some markets.
"However, a revival of exports was noted in key markets including North America, EU and North East Asia," said Arun Kumar Garodia, chairman of EEPC. North America and the European Union (EU) remained India's top destinations for engineering exports, with a 20% and 19% share.
Engineering exports to Russia grew sharply in the fiscal year to $1.35 billion from $733.6 million in the preceding year. However, the exporters remain worried about prospects in the coming months.
"The protectionist environmental policies of the EU and slow economic revival in China will continue to create uncertainties for the exporters," Garodia said. Engineering exports to China, a key market, remained almost flat at $2.65 billion in 2023-24, compared to $2.63 billion in the previous financial year.
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