Free Trade Agreements (FTAs) with UAE and Australia have provided a much-needed fillip to engineering exports with shipments to both nations rising 9% in the April-August period of the current financial year even as overall engineering exports nosedived during the period.
Engineering exports to UAE in the April-August period of FY24 increased 9% year-on-year to $2.24 billion. In the same period, engineering exports to Australia also jumped 9% year-on-year and stood at $596.14 million as compared to $548.62 in the April-August period of FY23.
Overall engineering exports in the April-August period of 2023-24 dropped 4.55% to $44.62 billion as against $46.74 billion in April-August period of 2022-23.
Notably, engineering exports to Russia surged 178% year-on-year to $568.41 million in the April-August period of FY24. In the same period last year, engineering exports to Russia were $204.17 million.
Engineering exports to the US, India’s top market, fell 14% year-on-year in the April-August period of the current financial year.
“Engineering exports to UAE and Australia have been beneficial. Our exports to both the two major markets rose 9% in the April-August period of FY24. At this point we urge the government to think about more such FTAs not only with our traditional partners but also our non-traditional markets in Latin America and Africa,” said EEPC India Chairman Arun Kumar Garodia.
Courtesy :- TheEconomicTimes