India's FY24 engineering exports to Russia more than quadrupled by February.
Amidst the ebb and flow of global trade dynamics, India's engineering exports have emerged as a symbol of resilience and growth, with a remarkable surge witnessed in the 2023–24 fiscal year. According to recent data released by the Indian Engineering Export Promotion Council (EEPC), India's exports to Russia soared to unprecedented levels, crossing the $1.2 billion mark by February, marking a quadruple increase from the previous fiscal year. This surge in exports to Russia contrasts with the slight dip in shipments to traditional markets like the United States and China. Against the backdrop of evolving trade dynamics, India's engineering sector is forging new partnerships and avenues for growth, as highlighted by Mr. Garodia, Chairman of EEPC India. As India navigates through the complexities of global commerce, the surge in engineering exports not only underscores the sector's resilience but also underscores India's growing prominence as a key player in the global market landscape. Up until February, shipments to the United Arab Emirates increased by 16 percent yearly to $5.22 billion, while sales to Australia increased by 5 percent to $1.30 billion. Additionally, it said that the total engineering exports from April to February of 2023–24 were $98.03 billion, compared to $96.84 billion during the same time the previous year. India's engineering exports have been steadily increasing over the past few months. The sector's outstanding performance over the previous three months allowed for a substantial export gain. Overall, cumulative engineering exports started narrowing down and witnessed growth, recorded at US$ 98.03 billion during April-February 2023-24 as against US$ 96.84 billion during April-February 2022-23, securing 1.23% growth ~ (Source: Google Images) "In the last few months, engineering exports from India have been on a steady growth path. In February 2024, India’s engineering exports reached US$ 9.94 billion recording the highest y-o-y growth (15.9%) in the fiscal 2023-24. The remarkable performance of the sector in the last three months made it possible for the cumulative exports also to record growth," said Mr Garodia. "The percentage of West Asia and North Africa in India's engineering export basket climbed from 12% to 15% this year, indicating the effectiveness of the FTA with the UAE and the GCC talks, he continued. This accomplishment is attainable despite the challenging state of global commerce." (Source: Google Images) Studies show that, excluding years of global recession, trade growth was at its weakest in the past 50 years in 2023. The post-pandemic recovery attempts were hindered by persistent geopolitical tensions and a global shortage of demand. "As India's present economic performance stabilizes, we are hoping that with the good turn of the tide in global commerce, EEPC India Chairman Arun Kumar Garodia remarked. The exporting community in India will be able to increase exports to all-time highs. As India navigates through the complexities of global commerce, the surge in engineering exports not only underscores the sector's resilience but also underscores India's growing prominence as a key player in the global market landscape.
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