New Delhi, 6 March (IANS). Despite the uncertainty in global markets, there has been a strong increase in the country’s engineering exports in January this year, with the US top destination.
In January, the US recorded an increase of 18 percent in the country’s engineering goods exports annually and reached a level of $ 1.62 billion.
According to data released by the Engineering Exports Promotion Council (EEPC), in January 2025, the total export of engineering products recorded an increase of 7.44 percent. It reached $ 9.42 billion as compared to $ 8.77 billion in the same month last year.
A statement by the EEPC stated that despite geopolitical tension and increasing trade protectionism, India’s engineering exports have recorded a positive increase in a ninth consecutive month.
Pankaj Chadha, Chairman of EEPC India, said, “Despite some of our major export destinations and increasing protectionism, the engineering export community has managed to register a positive growth despite the important global upheaval in the form of increasing conservationism.”
His statement came at a time when US President Donald Trump has announced an increase in tariffs on Indian exports from April 2.
Chadha said, “Global exports stand at the crossroads of major changes with new geopolitical challenges. Trade policies around the world are developing to remove national concerns, but they are pressurizing businesses.”
Chadha warned that the latest American tariffs highlight the challenges faced by exporters in the coming days. In such a situation, continuous government support will be important in export credit and technology to maintain competitiveness.
He said that according to the Global Trade Outlook 2025 published by the International Chamber of Commerce (ICC), more than 3,000 trade restrictions were implemented globally in 2024 alone, which led to the risk for multilateral trade systems.
India’s top engineering export destinations such as Germany, Mexico, Turkey, South Africa, France, Japan, Nepal and Bangladesh have increased exports in January, while exports to Britain, Saudi Arabia, Malaysia, China, Italy and Spain declined.
The EEPC said that Indian engineering exports continued to grow in January on an annual basis in January, but declined from 8.32 percent to 7.44 percent in December.
During the April-January period of FY 2025, engineering exports to $ 96.75 billion, which indicates an increase of $ 88.10 billion from the same period last year, shows an increase of 9.82 percent.
According to the estimates of the Department of Commerce, engineering goods stake in the total trade exports of the country were 25.86 percent in January and 26.96 percent in the April-January period of FY 2025.
Engineering is India’s largest industrial area and contributes 3.53 percent to the country’s GDP (GDP).
The country’s engineering sector includes iron, steel, supernatural metal, industrial machinery, automobiles, auto components and other engineering products.
India became a permanent member of the Washington Agreement in June 2014. It is now part of a particular group of 17 countries which is a permanent signatoror of the Washington Agreement, a specific international agreement on engineering studies and dynamics of engineers.
There has been a great growth in the country’s engineering sector over the years.
-IANS
SKT/Ekde
