In September 2024, India’s engineering exports reached $9.82 billion.
Growth Continues for Fifth Straight Month in September 2024, India’s engineering product exports has reached $9.82 billion, which is up 10.55% over the previous year.
The United States, United Kingdom, United Arab Emirates, Germany, and Mexico were among the top purchasing nations.
Indian Exports has grown steadily for five months in a row. Total exports from April to September 2024 came to $56.23 billion, a 5.25 percent rise over the same period the year before.
Engineering products have become an important part of India’s trade, growing from 26.60% of all exports in July to 28.41% in September, which now account for 28.41% of total exports, up from 26.60% in July.
Analysis of the Market and Product Performance
This increase is driven by several products, most notably medical devices, vehicles and auto parts, industrial machinery, and electrical machinery. But some industries, like metal, are having difficulties.
When it comes to international markets, North America continues to be the largest consumer, acquiring over 21% of India’s engineering exports, with the European Union coming in second with 17%.
Twenty-six of India’s 34 engineering product categories exhibited positive growth in September.
Arun Kumar Garodia, the chairman of EEPC India, clarified that although several industries are doing well, But there are exports that are related to metals have decreased. Uncertainties in the global market, shifting trade regulations, and rising domestic demand in India are all blamed for this decline.
Due to these difficulties, the trade association EEPC India has asked the government for further assistance in navigating the intricate circumstances of the global market.
Conclusion
India’s engineering exports reached $9.82 billion in September 2024, a 10.55% increase from the previous year. Top purchasing nations included the US, UK, UAE, Germany, and Mexico. The industry has grown steadily for five months, with 28.41% of total exports in September. North America remains the largest consumer, accounting for over 21% of India’s engineering exports. However, metal-related exports have decreased due to uncertainties in the global market, shifting trade regulations, and rising domestic demand. EEPC India has requested government assistance to navigate the complex global market.
Last modified: November 5, 2024
