Engineering Exports

EPACK Prefab raises $20 mn in first funding round from GEF Capital Partners

The funds will be used for capex expansion and drive growth initiatives by enhancing production capabilities, accelerating new product development, and expanding presence across the country.

EEPC India cautiously optimistic on engineering export growth in FY'25

EEPC India remains "cautiously optimistic" for the engineering exports growth in the current fiscal, even though the shipment registered a 7.3 per cent year-on-year increase in May, amounting to USD 9.98 billion, an official said on Friday. This uptick is part of a consistent growth pattern, with the April-May period of FY25 witnessing exports totalling USD 18.65 billion, a modest rise from USD 18.25 billion for the two months of FY'24, the Engineering Export Promotion Council said. "We remain cautiously optimistic with the upturn in shipments which reflects improvement in the demand scenario in key markets. The global economic outlook is expected to improve in the ongoing fiscal and exporting community remains optimistic," EEPC India chairman Arun Kr Garodia said. Softening price pressure and easing of interest rates in major advanced economies is set to spur demand, he said. Garodia also pointed out that several Free Trade Agreements (FTAs) are under negotiation and these could b

Azad Engineering to build fully integrated advanced turbo engine for DRDO

AZAD will start delivering fully integrated advanced turbo engines by early 2026

LTTS signs €45 mn deal to train European auto supplier Forvia's engineers

5-year partnership also involves Indian company providing engineering services to Forvia

Engineering goods exports up 10.7% in March to $11.28 billion: EEPC

Exports have been dented by a slowdown in global demand, the ongoing Russia-Ukraine war and the Red Sea shipping crisis brought on by conflict in the Middle East, exporters said

Engineering exports edge up to $109 bn despite geo-political tensions

India's engineering exports edged up to USD 109 billion in 2023-24 despite a slowdown in some of the major global markets amid geo-political tensions, EEPC said on Monday. India's engineering exports are competitive globally and expected to gain further market share in the coming years, with the country entering into more FTAs, it added. The apex body of engineering goods exporters expects the value of shipments from the sector to rise to USD 300 billion by 2030 and generate a significant number of jobs and foreign exchange earnings in the process. Notably, the engineering sector is the largest contributor to India's overall exports, with a share of 24 per cent, and also contributes approximately 40 per cent of the country's total manufacturing exports. "The engineering goods exports in FY24 surpassed the previous year's numbers despite a slowdown in some of the key global markets, geo-political tensions, Red Sea crisis and high freight rates," said EEPC India Chairman Arun Kumar .

India's engineering exports to Russia doubled till February in FY24: EEPC

India's engineering exports to Russia doubled to USD 1.22 billion till February during the 2023-24 fiscal, Engineering Export Promotion Council (EEPC) of India said on Tuesday. The shipments to the country stood at USD 616.68 million in the previous fiscal, it said. The exports to the US dipped seven per cent year-on-year to USD 15.95 billion during this period, EEPC said in a statement. In case of China, engineering shipments to that country saw a marginal decline to USD 2.38 billion from USD 2.40 billion in the period under review, it said. Exports to the UAE and Australia, with which India had signed an FTA, remained positive. Till February, shipments to the UAE rose 16 per cent on-year to USD 5.22 billion, while those to Australia was higher by five per cent at USD 1.30 billion. Cumulative engineering exports during April-February (2023-24) stood at USD 98.03 billion as against USD 96.84 billion in the corresponding period a year ago, the statement said. In the last few mont

Indo-Australia trade deal boosts engineering exports despite import surge

One year after the India-Australia Economic and Trade Cooperation Agreement (ETCA) came into effect, engineering exports to Australia reached USD 944 million in April-November 2023-24, a 3 per cent increase. However, imports from Australia also saw a significant 30 per cent upswing during the same period. India's engineering imports from Australia reached USD 355.02 million during April to October 2023-24. Despite the sharp surge in imports, EEPC India chairman Arun K Garodia remains optimistic, pointing to a positive engineering trade balance of USD 471 million between April and October 2023-24. This, he says, underscores the resilience and competitiveness of India's engineering sector. "While imports have increased more than exports in the short term of the new trade deal, we remain optimistic about the long-term benefits for the engineering sector. We expect a surge in exports to Australia, especially with their recent efforts to curb domestic industries and increased reliance on

Engineering exports register 3% on-year fall in November to $7.85 billion

India's engineering goods exports registered a 3-per cent year-on-year decline in November to USD 7.85 billion, an industry body report said. The dip was primarily attributed to the festive season that disrupted operations in major engineering export belts across the country, particularly in northern and western regions, it said. While acknowledging the recent decline, the Engineering Export Promotion Council of India (EEPC) expressed cautious optimism about exceeding last year's overall engineering exports. "After experiencing a slump in the first half of 2023, the sector witnessed positive growth from August to October, which instilled hope for a continued positive trajectory," EEPC India Chairman Arun Kumar Garodia said. The industry remains cognizant of the current global challenges, including high inflation and interest rates, particularly in key markets like Europe and the United States, he said. These factors contribute to the ongoing trade slowdown and necessitate continue

Persistent Systems adds 4 execs to leadership team to fuel growth plans

Digital engineering services firm has a target of doubling annual revenue to $2 bn by 2026

India's engineering exports surge in US, Saudi Arabia, and UAE in October

The value of engineering exports to the US in October was $1.39 billion, up 2.2 per cent year-on-year, while shipments to the UAE rose 2.9 per cent to $348.6 million

Overall engineering exports from India affected by global slowdown: EEPC

Engineering Exports Promotion Council (EEPC) said that overall exports of engineering goods from the country have been affected by the global slowdown. Overall engineering exports during April to August in 2023 dropped 4.55 per cent to USD 44.62 billion as against USD 46.74 billion in the previous similar period of 2022. According to an EEPC spokesman, engineering exports to Russia surged 178 per cent to USD 568.41 million during April to August of fiscal 2023-24, which was USD 204.17 million in the corresponding previous period. The exporters' body said that some of the major trading partners like the US and European countries have been affected by the global slowdown. The Russia-Ukraine conflict has also been ongoing, while China is also experiencing a slowdown. All these factors have affected India's engineering export demand, EEPC said. Engineering exports to the US fell 14 per cent year-on-year during April to August 2023. EEPC is also of the view that India should sign free

Engineering exports to Russia more than doubled to $123.6 mn in July: EEPC

Engineering goods exports to Russia continued its uptrend and more than doubled to USD 123.65 million in July 2023 as against USD 55.65 million in the corresponding period a year ago, according to data released by EEPC. During the same period this year, engineering exports to the US declined 10.4 per cent on-year to USD 1.44 billion, it said. Engineering shipments to China during in July also fell 10 per cent year-on-year to USD 197.98 million, the data released by the Engineering Export Promotion Council showed. Among the 25 key markets for Indian engineering goods, which contribute to more than 76 per cent of total exports, 14 countries witnessed a year-on-year decline in July, it said. India's overall engineering exports dropped 6.62 per cent to USD 8.75 billion in the month under review from USD 9.37 billion in the year-earlier period. This was mainly due to a fall in exports of iron, steel and aluminium coupled with reduced global demand, EEPC said. EEPC India Chairman Arun

Engineering exports see mixed fortunes; trade with Russia surges: EEPC

India's engineering exports to major markets like the United States, the European Union (EU) and China continued to decline in June 2023, reflecting a challenging global trade environment, EEPC India said. The country's shipments to West Asia and North Africa (WANA), North East Asia, and CIS countries, however, showed positive growth during the same period, the Engineering Exports Promotion Council of India (EEPC) said. India's engineering exports declined for the third straight month in June 2023, falling 11 per cent year-on-year to USD 8.53 billion. The decline was led by a sharp fall in exports to the US, EU, and China, it said. Exports to the US fell 12.5 per cent to USD 1.45 billion, while exports to the EU fell 16.2 per cent to USD 1.51 billion. Exports to China fell 20 per cent to USD 184 million. However, an almost threefold increase in engineering exports to Russia reached a substantial USD 116.9 million in June 2023. Cumulatively, during the April-June period of the curr

EEPC to focus on WANA region for enhancing engineering goods exports

Engineering Exports Promotion Council on Wednesday said it would focus on the West Asian and North African countries for enhancing exports to the WANA region. The EEPC, in a statement, said there is ample scope for increasing bilateral trade with the WANA countries, especially for engineering exports. The council is also holding an exhibition 'INDEE' at Jordan, which is India's fourth largest trading partner in the region. In 2022, India's engineering exports to Jordan stood at USD 136.4 million, which was 33 per cent higher than the target of USD 109 million for the period. Jordan is strategically located in the western Asian region, the statement said, quoting EEPC chairman Arun Kumar Garodia. He said India and Jordan share vibrant social, economic and business ties with expanding trade and investment flows between the two countries. According to him, Jordan has a free trade agreement with the US for which most products exported from the former to the latter attract zero custom

Engineering exports to Russia jumps 11 times to $133.6 mn in April: EEPC

Exports of engineering goods to Russia jumped 11 times in April this year to USD 133.6 million as compared to year-ago month while the US and China markets continued to soften, the engineering export promotion council said on Saturday. Engineering exports to the CIS country were USD 11.7 million in April 2022. The value of engineering exports to the US was USD 1.4 billion in April 2023, down 24.9 per cent compared to USD 1.86 billion in the year-ago month. Shipments to China too continued with the declining trend and fell 15.5 per cent to USD 183.3 million in April 2023 as compared to USD 216.9 million in the same month last year. However, exports to Oman more than doubled during the month to USD 153.9 million over the corresponding month of April 2022. Out of 25 top destinations for Indian engineering goods, as many as 15 saw positive year-on-year growth during the month under review while 10 countries witnessed a regrowth. The top 25 countries, including the US, Germany, the UK

Shrinking engineering exports to UAE, China led to overall dip in FY23

The decline was a direct result of depressed global demand, especially in the metals sector

Engineering exports may sustain growth momentum despite challenges: EEPC

EEPC chairman also stated that volatility in commodity prices, supply chain disruptions and a possible change in world political order would certainly have an impact on trade and the economy.

What drove India's exports to record $400 billion?

Export of Indian goods crossed the $400 bn mark for the first time, nine days before the current fiscal drew to a close. Which are sectors that drove this growth? And will it sustain? Let's find out

Agriculture, engineering products set to propel export growth in Q1

Robust demand from key markets, rally in commodity prices help bring buoyancy