In eighteen important countries, Indian engineering exports saw rise in October

 In eighteen important countries, Indian engineering exports saw rise in October

The US, UAE, and UK are among the nations whose exports increased in October. According to the trade association, the nations that reported a decrease in engineering exports during the month were China, Italy, Singapore, and Indonesia.

According to a statement from the Engineering Export Promotion Council (EEPC) India, October saw a favorable increase in Indian engineering exports to 18 significant countries.

The US, UAE, and UK are among the nations whose exports increased in October. According to the trade association, the nations that reported a decrease in engineering exports during the month were China, Italy, Singapore, and Indonesia.

US engineering exports to the US were valued at US$1391.5 million, a 2.2% annual increase above US$1361 million. In October, exports to Germany reached US$ 342.7 million, a 20 percent rise. According to EEPC, engineering exports to the United Arab Emirates rose 2.9% annually to US$348.6 million.

In October, India's total engineering exports reached US$ 8,094.20 million, up 7.2% from US$ 7,550.69 million in the same month the previous year. From April to October 2023, total engineering exports fell to USD 61.63 billion from USD 62.63 billion in the prior comparable period, a 1.61 percent decrease.

Arun Kumar Garodiya, Chairman of EEPC India, said that October of this year saw a decrease in the metals industry, particularly in exports of iron and steel, aluminum, and zinc goods. He claimed that the downturn in the metals industry's offtake has been exacerbated by factors including different market obstacles placed on Indian exporters, as well as the reduction in demand in developed nations, particularly the EU.

According to EEPC, in October 2023, India's engineering exports accounted for 24.11 percent of all goods exports.