New Delhi :- Engineering goods exports contracted 3% year-on-year in November 2023 to US$ 7.85 billion. The decline in engineering exports last month was entirely due to the festival season in large parts of major engineering export belts in Northern and Western India as also in the rest of the regions of the country. It may also be mentioned that in 2022, the festival month was in October.
After slump in the first half of the year, engineering exports turned positive in August this year, which continued through October. We remain cautiously optimistic of surpassing last year’s engineering exports.
These are though tough times, and we hope that the government would provide necessary support to help Indian engineering sector stay competitive in the global market. Some of the factors that have contributed to the slowdown in trade include high inflation and high interest rates, particularly in Europe and the United States, which are also the major markets for India’s engineering sector.
Going forward, we hope that the engineering exports sector will navigate the challenges and eventually pick up a strong pace of growth. Indian engineering sector is poised to scale new heights.
