India's engg exports log highest growth of 15.9 % in Feb'24, Russia's share up

Indian engineering exports rose for the third straight month, with February 2024 showing the highest monthly growth of 15.9 per cent growth in fiscal 2023-24, driven by a substantial rise in shipment of iron and steel and products, aluminium and its products, electrical machinery and industrial machinery. Indian engineering goods exports to Russia nearly doubled to USD1.22 billion in the current financial year 2023-24 (up to February) from USD 616.68 million in the previous financial year while shipments to the US dipped 7 per cent year-on-year during this period, the Engineering Exports Promotion Council said on Tuesday.

- NIVEDITA MUKHERJEE

Chairman of EEPC India, Arun Kumar Garodia highlights that in the last few months, engineering exports from India have been on a steady growth path. In February 2024, India's engineering exports reached USD 9.94 billion. "The remarkable performance of the sector in the last three months made it possible for the cumulative exports to also record a growth," says Garodia.

During February 2024, engineering exports was recorded at USD 9,941.37 million as against USD 8,577.49 million in February 2023. This was the second highest export in fiscal 2023-24 after December 2023. Cumulative engineering exports started narrowing down and now witnessed growth as it was recorded at USD 98,038.18 million during April-February 2023-24 as against USD 96,846.36 million during April-February 2022-23, securing 1.23 percent growth. The share of engineering exports in India's total merchandise exports increased to 24.01 per cent in February 2024 from 23.75 per cent in January 2024. On a cumulative basis, the share was 24.82 per cent during April-February 2023-24.