Engineering Exports Register 3% On-Year Fall In November To $7.85 Billion

India's engineering goods exports registered a 3% year-on-year decline in November to $7.85 billion, an industry body report said.

The dip was primarily attributed to the festive season that disrupted operations in major engineering export belts across the country, particularly in northern and western regions, it said.

While acknowledging the recent decline, the Engineering Export Promotion Council of India (EEPC) expressed cautious optimism about exceeding last year's overall engineering exports.

'After experiencing a slump in the first half of 2023, the sector witnessed positive growth from August to October, which instilled hope for a continued positive trajectory,' EEPC India Chairman Arun Kumar Garodia said.

The industry remains cognizant of the current global challenges, including high inflation and interest rates, particularly in key markets like Europe and the United States, he said.

These factors contribute to the ongoing trade slowdown and necessitate continued support from the government to ensure that Indian engineering sector remains competitive in the global market, Garodia said.

'We believe the engineering exports sector has the resilience and potential to navigate these challenges and eventually pick up a strong pace of growth,” he said.