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India's engineering exports declined 3.2% in April, breaking a four-month growth streak. This was attributed to a sharp decline in exports of metals like iron and steel as a result of meager global demand and more competitive pricing from Chinese steel producers. However, exporters expect a boost in the upcoming months.
Engineering goods exports, which have made up over 25% of India's total goods exports in recent years, rose slightly by 2.1% to $109.3 billion in 2023–24, despite the fact that overall exports dropped slightly by 3% to $437.1 billion during a challenging year for international trade.
In April, engineering products shipped out fell from about $9 billion a year earlier to $8.67 billion, primarily due to lower shipments of metals, especially iron and steel and copper. Excluding iron and steel, whose exports slid 36.4%, engineering exports recorded 2.6% growth last month, the Engineering Exports Promotion Council (EEPC) mentioned.
The decline in steel exports can be attributed to low international demand in major markets and an increasing trend of nearshoring amongst developed markets. “There is also a significant decline in Chinese steel demand which is encouraging Chinese exports at a much more competitive price compared to India,” said Arun Kumar Garodia, Chairman, EEPC India, who pinned the sector’s prospects on the hopes that global trade will pick up this year.
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