Engineering goods exports from India increased 7.3 pc in May 2024: EEPC India

Kolkata, June 14 (FN Agency) In line with the expectations, engineering goods exports from India increased 7.3 percent year-on-year to $9.98 billion in May this year, according to EEPC India. Cumulatively, engineering exports during the April-May period of FY25 stood at $18.65 billion as compared to $18.25 billion in the corresponding period of FY24,registering a positive growth of a little over 2 pc. The upturn in shipments reflects an improvement in the demand scenario in India’s key markets.

The global economic outlook is expected to improve in the ongoing fiscal and the exporting community remains optimistic, EEPC India chairman Arun Kumar Garodia said. Softening price pressure and easing of interest rates in major advanced economies is set to spur demand. Additionally, there are some FTAs in the pipeline that could materialise in the ongoing fiscal which will certainly give a big boost to the engineering sector, Garodia said on Friday. While both near and medium-term outlooks remain positive, exporters are facing the challenge of high ocean freight rates on some key routes. This could affect exports. Also, it has been seen that China is shipping large volumes to the US in the wake of additional import duties that could apply to Chinese goods from August this year.