Kolkata, Nov 16 (Mayank Nigam) Engineering goods exports from India were worth $ 8.09 billion in October this year, a little over 7 percent year-on-year growth over $7.55 billion in October 2022, according to EEPC India chairman Arun Kumar Garodia. “This is the third straight month when engineering goods exports have recorded positive growth. This could be primarily attributed to a favourable base,” Garodia opined on Thursday. While the positive growth witnessed in the past months was reassuring, geo-political tensions and demand slowdown in major advanced economies continue to be a matter of concern for the exporting community, he said.”
There has been so far very limited impact of ongoing war between Israel and Hamas on trade but should the crisis escalate it could hamper the recovery. The industry is hopeful that free trade pacts with the UK and the EU would be concluded sooner than later thus providing impetus to engineering exports from the country, the EEPC India chief maintained. The FTAs with Australia and UAE have significantly boosted the engineering exports sector worth $ 8.09 billion in October this year, a little over 7 pc year-on-year growth over $7.55 billion in October 2022. This was the third straight month when engineering goods exports have recorded positive growth. This could be primarily attributed to a favourable base.
While the positive growth witnessed in the past months is reassuring, geo-political tensions and demand slowdown in major advanced economies continue to be a matter of concern for the exporting community. ” There has been so far very limited impact of ongoing war between Israel and Hamas on trade but should the crisis escalate it could hamper the recovery. The industry is hopeful that free trade pacts with the UK and the EU would be concluded sooner than later thus providing impetus to engineering exports from the country,”Garodia said. The FTAs with Australia and UAE have significantly boosted the engineering exports sector.