(MENAFN- KNN India) New Delhi, Mar 27 (KNN) India's engineering exports saw a 1.23 per cent growth to USD 98.03 billion in the April-February 2023-24 period, despite an overall decline in goods exports, driven by a surge in shipments to Russia and free trade partners like the UAE and Australia.
Engineering exports to Russia nearly doubled with a 99 per cent spike to USD 1.22 billion as the country sought to boost imports from India amid Western sanctions.
The rupee payment mechanism introduced to circumvent these sanctions facilitated trade.
The UAE emerged as the second-largest market, with engineering exports rising 16 per cent to USD 5.22 billion, benefiting from the India-UAE free trade agreement (FTA).
Exports to FTA partner Australia also increased 5 per cent to USD 1.3 billion.
However, shipments to key markets like the US and China declined during this period.
US exports fell 7 per cent to USD 15.95 billion, though it remained the top destination. China imports dipped 1 per cent to USD 2.38 billion.
Saudi Arabia was the third-largest market, with exports surging 75 per cent to USD 4.62 billion.
The FTA with the UAE and negotiations with the GCC boosted the Middle East's share in India's engineering exports from 12 per cent to 15 per cent.
"The FTAs have been effective despite the difficult global trade situation," said Arun Kumar Garodia, Chairman, EEPC India.
While 28 out of 34 engineering panels posted export growth in February 2024, some sectors like aluminium, automobiles, and industrial machinery declined in the April-February period.
The engineering exports share in India's total goods exports increased to 24.01 per cent in February 2024 from 23.75 per cent in January.
India's overall goods exports contracted 3.45 per cent year-on-year to USD 394.99 billion in April-February 2023-24.
(KNN Bureau)
MENAFN27032024000155011030ID1108029027
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.