UAE, Australia FTAs boost engineering exports, shipments up 9% in April-August period of FY24
exports received a much-need boost on account of free trade agreements (FTAs) with UAE and Australia with shipments to both nations surging 9% in April-August period of the financial year 2023-24 even as overall engineering exports slipped during the period under review.
Engineering exports to UAE in April-August period of FY24 increased 9% year-on-year to $2.24 billion. In the same period, engineering exports to Australia also jumped 9% year-on-year and stood at $596.14 million as compared to $548.62 in April-August period of FY23.
Overall engineering exports in April-August period of 2023-24 dropped 4.55% to $44.62 billion as against $46.74 billion in April-August period of 2022-23.
Notably, engineering exports to Russia surged 178% year-on-year to $568.41 million in April-August period of FY24.
In the same period last year, engineering exports to Russia were $204.17 million.
Engineering exports to the US, India’s top market, fell 14% year-on-year in the April-August period of the current financial year.
«Engineering exports to UAE and Australia have been beneficial. Our exports to both the two major markets rose 9% in April-August period of FY24.
At this point we urge the government to think about more such FTAs not only with our traditional partners but also our non-traditional markets in Latin America and Africa,» EEPC India Chairman Arun Kumar Garodia said in a statement.
This fiscal so far has been tough for the engineering exports as global slowdown has affected some of India’s major partners including the USA and European countries. The Russia-Ukraine conflict has also been ongoing and China has faced economic slowdown.
