India's Engineering Exports Surge: A Positive Turn in April
Indian engineering exports rose by 11.28% in April, reaching USD 9.51 billion. Key drivers included increased shipments of electric machinery and motor vehicles, with notable growth in the US and UAE markets. Despite global challenges, regions like Oceania and Latin America showed significant gains.
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India's engineering goods exports witnessed a significant boost of 11.28% in April, hitting USD 9.51 billion. This surge is largely credited to a favorable base effect and increased shipments of electric machinery, ships, motor vehicles, and copper products. A crucial factor in this growth was the rebound in iron and steel exports.
The United States emerged as a key market, registering a 17% year-on-year growth in engineering goods exports, amounting to USD 1.66 billion in April compared to USD 1.42 billion a year earlier. The UAE also saw a remarkable 37.3% rise in shipments, while markets such as the UK, Singapore, Brazil, and Australia experienced double-digit growth.
EEPC India's Chairman, Pankaj Chadha, heralds the growth despite global headwinds as commendable, emphasizing the critical support of the Indian government. North America maintained its lead as the top export destination, while significant advancements were recorded in regions like Oceania, Sub-Saharan Africa, and Latin America.
(With inputs from agencies.)
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