Export growth was evident in major global regions including North America, EU, ASEAN and North East Asia.
Engineering goods exports grew 13.75 per cent year-on-year in November 2024 to $8.90 billion as compared to $7.82 billion in the same month of the previous year.
Cumulatively, engineering goods exports during April-November period of FY25 stood at $75.47 billion as against $69.32 billion thus registering a growth of 8.87 percent.
Pankaj Chadha, Chairman, EEPC India said, in a statement, “India’s engineering exports continued its stellar performance for the seventh straight month in November, 2024. Barring few non-ferrous metals (copper, lead and zinc) and a few industrial machinery sectors, all other sectors experienced growth in November 2024. This is a very positive outcome for the exporters who have faced several challenges including logistics issues, protectionist stances by the importing countries, geopolitical tensions etc.”Chadha noted the uncertainties going forward and said that the possible trade policy shift by the US under the Trump administration could disrupt global trade and impact key partners including India.”The engineering exports have been on the rise but there is a need to stay cautious. USA is one of the most important markets for the Indian engineering industry,” Chadha added.
The USA remains top destination for Indian engineering exports with cumulative exports during April-November period of FY25 estimated at $12.12 billion.
According to the Quick Estimates of Department of Commerce, Government of India, Share of engineering in overall merchandise exports was at an impressive 27.71 percent in November 2024 and at 26.87 percent on a cumulative basis.
In November 2024, as many as 24 out of 34 engineering panels witnessed positive year-on-year growth. On a cumulative basis, 27 out of 34 engineering panels recorded positive growth.
Exports of ‘aircrafts and spacecraft parts and products’ in November 2024 surged 206% year-on-year to $781 million. At $208.7 million, exports of ‘ships, boats and floating products and parts’ recorded 92% year-on-year growth in November 2024.
Region wise, North America and European Union remained India’s topmost destinations for engineering exports with a share of around 20 per cent and 17 per cent respectively, in India’s total engineering exports.
The World Trade Organization (WTO) has forecast moderate growth in global trade, with a projected 2.7% increase in merchandise trade volume in 2024 and 3.0% in 2025.
The recent UNCTAD Trade Update published in December 2024 mentioned that 2025 remains uncertain due to anticipations regarding USA’s policy shift including broader tariffs that could impact global value chains.
