Higher demand from US, Turkey, UAE, Saudi Arabia drive engineering exports in May: EEPC India
engineering exports bounced back in May 2024 and recorded 7.39% year-on-year growth to $9.99 billion.
In April this year, engineering exports registered a 4.49% decline compared to the previous fiscal period.
Significant export growth was noted in West Asia and North Africa (WANA), Latin America, and European countries outside the European Union (EU) during May this year. Exports to the EU declined significantly during this period.
«Overall, engineering goods exports revived in May this year compared to the previous month and we are hopeful that the positive track will continue despite global geo-economic concerns. We also hope that the Government will continue to support us in our future endeavors, especially in the upcoming budget,» said EEPC India Chairman Arun Kumar Garodia.
Among the top 25 countries that contribute almost 76% of total engineering exports from India, positive growth was seen in the case of 15 countries in May this year.
Engineering exports to the US, India's top export destination, rose 14.4% year-on-year in May 2024 to $1.65 billion as against $1.5 billion in May 2023.
Engineering exports to Turkey more than doubled to $457.5 million in May 2024 as compared to $222 million in May 2023.
Engineering exports to Saudi Arabia and the UAE registered 81% and 43.2% year-on-year growth respectively in May 2024.
In May this year, engineering exports to China recorded 13% year-on-year growth to US$ 218.6 million.
The growth in May this year was mainly on account of the positive performance of
