New Delhi [India],
The value of total engineering exports was USD 109.30 billion in 2023-24.
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While in 2024–25 the US remained the top destination for Indian engineering exports, according to the Engineering Exports Promotion Council (EEPC), significant export growth in UAE, Singapore, Nepal, Japan and France was also noted, which issued a statement on Sunday.
Export of engineering goods in the US increased by 8.7 percent to 19.15 billion in 2024-24 in 2023-24 in 2024-25.
In particular, engineering exports overtook the export of comprehensive goods in terms of development as India’s exports saw an increase of 0.08 percent year-on-year in 2024–25.
As a result, engineering export stake in India’s overall goods increased from 25.01 percent to 26.67 percent in the last financial year in 2024-25.
“Indian engineering export performance was notable in 2024-25 as it came up during the period of extreme global uncertainty in major developed and emerging countries after geopolitical disturbances and economic recession. It was further increased by US President Donald Trump’s decision to increase import duty on his business partners, including dozens of his business partners, including India President Donald Trump.
Of the 34 engineering panels, 28 recorded a positive growth. In comparison, the remaining six engineering panels, including iron and steel, as well as non-fares sectors such as copper and aluminum products, office equipment, other manufacturing machinery and asbestos products, recorded a negative increase during April-March 2024–25, the council said.
North America retained its place as the number one export destination with a 20.5 percent stake, followed by the European Union (17.1 percent) and West Asia and North Africa (16.7 percent) in 2024–25.
In cumulative terms, all regions experienced development by stopping Oceania (-10.4 percent) and European Union (-1.9 percent) in the financial year ending March 2025.
Despite receiving a record high figure in 2024–25, Indian engineering exports declined every month in March 2025. In March 2025, engineering exports were recorded at USD 10.82 billion below 11.27 billion USD in March 2024, representing a decline of 3.92 percent year-year.
“In the coming days, India’s engineering export community needs to constantly change and prepare for uncertain global business dynamics. The global trade is undergoing significant disruption, the most important is the declaration of the” liberation day tariff “of US President Donald Trump, which has already worked about retaliation and global economic stability from other countries,”.
As quoted by the WTO, according to the World Trade Organization, in current circumstances, in current circumstances, the volume of global trade trade is expected to fall by 0.2 percent in 2025.
According to the WTO, a temporary tariff stagnation by the US may arrest some trade contractions; However, there are significant negative risks, including vengeance and policy uncertainty by other countries, can affect the volume of global trade to about 1.5 percent, especially export-oriented, damaged countries.
Tariff is a new addition to the list of business disruption in recent years, including the rise of global conflict and protectionism.
“In this situation, it is important to adopt strategies for the government and the industry that will help us reduce the issue for our own profit. The decision to negotiate a bilateral trade agreement with the US is a welcome step. Along with this, it is also necessary for us to diversify our export sites,” the President of EEPC India said. (AI)
This report has been auto-generated from Ani News Service. ThePrint does not have any responsibility for its content.