India's Engineering Exports to the US Soar

In a remarkable display of resilience and growth, India's engineering goods exports to the United States witnessed an 18% year-on-year increase in January, reaching a total of $1.62 billion. This surge underscores the US's position as the top destination for India's engineering exports, with the UAE following closely behind.

Global Challenges and Opportunities

Despite facing global turmoil, including ongoing conflicts and rising protectionism, India's engineering exporting community has managed to maintain positive growth. Pankaj Chadha, chairman of EEPC India, highlighted the significant challenges posed by new geopolitical challenges and the intensifying risks to the multilateral trading system.

Year-on-Year Growth Across Key Sectors

The growth in January was driven by significant increases in exports of aircraft, spacecraft and parts, electric machinery and equipment, automobile and auto components, industrial machinery, products of iron and steel, and medical and scientific instruments. However, sectors like ships, boats, and floating structures, as well as iron and steel, experienced noticeable declines.

Cumulative Growth and Future Outlook

For the April-January period of FY25, India's engineering exports to the US rose nearly 9% to $15.6 billion. Cumulatively, engineering goods exports during this period stood at $96.75 billion, marking a 10% growth from the previous year. As the global trade landscape continues to evolve, the Indian engineering industry is poised to navigate through the challenges and opportunities that lie ahead.