India’s engineering goods exports registered a 3-per cent year-on-year decline in November to USD 7.85 billion, an industry body report said.
The dip was primarily attributed to the festive season that disrupted operations in major engineering export belts across the country, particularly in northern and western regions, it said.
While acknowledging the recent decline, the Engineering Export Promotion Council of India (EEPC) expressed cautious optimism about exceeding last year’s overall engineering exports.
“After experiencing a slump in the first half of 2023, the sector witnessed positive growth from August to October, which instilled hope for a continued positive trajectory,” EEPC India Chairman Arun Kumar Garodia said.
The industry remains cognizant of the current global challenges, including high inflation and interest rates, particularly in key markets like Europe and the United States, he said.
These factors contribute to the ongoing trade slowdown and necessitate continued support from the government to ensure that Indian engineering sector remains competitive in the global market, Garodia said.
“We believe the engineering exports sector has the resilience and potential to navigate these challenges and eventually pick up a strong pace of growth, he said.
First Published: Dec 15 2023 | 9:19 PM IST
India’s engineering goods exports declined by 3% in November to USD 7.85 billion due to disruptions caused by the festive season in major engineering export belts across the country, particularly in northern and western regions. The Engineering Export Promotion Council of India (EEPC) expressed cautious optimism about surpassing last year’s overall engineering exports despite the recent decline. The sector experienced positive growth from August to October, instilling hope for a continued positive trajectory. However, the industry remains aware of global challenges such as high inflation and interest rates in key markets like Europe and the United States, contributing to the ongoing trade slowdown. The EEPC emphasized the need for continued government support to ensure the competitiveness of the Indian engineering sector in the global market. Despite the challenges, the sector is believed to have the potential to navigate these obstacles and eventually achieve strong growth.,
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