India’s engineering goods exports achieved a milestone by exceeding $12 billion in May, marking a 24.48% increase compared to the previous year. This record-breaking performance occurred despite global trade disruptions and tensions in West Asia, as reported by EEPC India. The engineering sector constituted 27.2% of India’s total merchandise exports during the month, with notable growth in electric machinery, ships, motor vehicles, and iron and steel products.
The surge in exports was propelled by a significant rise in various engineering product categories, with 28 out of 34 panels recording positive export growth. EEPC India Chairman Pankaj Chadha highlighted the emerging opportunities for Indian engineering firms as global companies diversify their supply chains away from heavy reliance on China. Chadha emphasized the crucial role of the Commerce Ministry in providing policy support, affordable trade finance, and robust risk protection to sustain this growth trajectory.
Chadha expressed optimism in achieving the ambitious export target of $250 billion by 2030 with government support and strategic interventions. Notably, North America emerged as the largest market for Indian engineering goods in May, accounting for 19.3% of total exports, followed by West Asia and North Africa at 16.7%, and the European Union at 15.2%. Despite geopolitical challenges, exports to West Asia and North Africa surged by 44% in May, demonstrating resilience in the face of crises.
