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The recent Free Trade Agreements (FTAs) with the United Arab Emirates (UAE) and Australia have injected fresh vigour into India's engineering exports, witnessing a notable 9 per cent surge in shipments to both nations during the April-August period of the current fiscal, an industry official said.
This surge comes at a time when overall engineering exports have experienced a decline, EEPC India said on Friday.
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Engineering exports to the UAE during the April-August period of FY24 recorded a 9 per cent year-on-year growth, reaching USD 2.24 billion. Simultaneously, engineering exports to Australia also witnessed a substantial 9 per cent year-on-year upswing, amounting to USD 596.14 million compared to USD 548.62 million in the April-August period of FY23.
"Engineering exports to UAE and Australia have been beneficial. At this juncture, we urge the government to consider more FTAs, not only with our traditional partners but also with non-traditional markets in Latin America and Africa," Arun Kumar Garodia, the Chairman of EEPC India, said.
However, overall engineering exports experienced a dip of 4.55 per cent in the April-August period of 2023-24, totaling USD 44.62 billion compared to USD 46.74 billion during the same period in 2022-23.
Remarkably, engineering exports to Russia surged by a remarkable 178 per cent year-on-year, reaching USD 568.41 million during the April-August period of FY24.
In the corresponding period last year, engineering exports to Russia stood at USD 204.17 million.
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In contrast, engineering exports to the United States, India's primary market, decreased by 14 per cent year-on-year during the April-August period of the current financial year, the export promotion body said.
Exports after eight months displayed signs of recovery in August 2023, registering a respectable 7.73 per cent growth over August 2022, primarily attributed to a lower statistical base.
August 2023 witnessed engineering exports amounting to USD 9.05 billion, compared to USD 8.40 billion in August 2022.
Despite the difficulties faced, engineering exports contributed 26.26 per cent to India's total merchandise exports in August 2023.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
