India's July engineering exports see 3.66% boost, but Shipments to Bangladesh decline by 12%
July 2024, engineering goods exports to countries like the US, UAE, Saudi Arabia, and Singapore witnessed a positive growth whereas exports to countries like Bangladesh and Russia experienced a decline during this period, according to latest data released by Engineering Exports Promotion Council (EEPC).
Among the 25 major destinations for Indian engineering goods, exports showed growth in 10 countries, while 15 countries experienced a decline. The top 25 countries contribute 75.5% of total engineering exports to the country, said EEPC in a statement .
At $1.5 billion, engineering goods exports to the US recorded 4.2% year-on-year growth in July this year. Engineering exports to the UAE stood at $625.78 million in July this year, up 65.6% year-on-year. The exports to Saudi Arabia rose 9.2% year-on-year to $412.30 million in July this year.
Engineering exports to Bangladesh fell 11.8% year-on-year to $153.78 million in July 2024, against $174.35 million in July 2023. The value of engineering exports to Russia declined 26.8% in July this year to US$90.39 million from $123.55 million in the same month last year.
Indian engineering exports continued their growth run for the third month to July 2024 albeit a lower 3.66% year-on-year growth as against over 10% in June 2024. The total value of engineering goods exports in July 2024 stood at US$9.04 billion as against US$8.72 billion in the same month last year.
The growth in engineering exports in July 2024 was due to a decent rise in shipments of electrical machinery,
