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Riding the Trump triumph wave!
Articles- Dec 03,24
Riding the Trump triumph wave!
In October 2024, India’s merchandise exports stood at $39.2 billion, up by 13.36 per cent and 17.26 per cent compared to September 2024 ($34.58 billion) and October 2023 ($ 33.43 billion), respectively. For the period from April to October 2024, driven by the rising global demand for Indian products, the country’s merchandise exports grew by 3.18 per cent, reaching $252.28 billion, compared to $244.51 billion during the same period in 2023.
The latest trade data reflects a mixed export performance. While sectors such as pharmaceuticals, electronics, and engineering goods contributed positively, there was a significant decline in traditionally strong sectors like petroleum and gems and jewellery, due to weak economic growth in developed markets. Electronics exports rose by 23.70 per cent year-on-year, reaching $19.07 billion, while pharmaceutical shipments grew by 7.97 per cent, totalling $17.05 billion during the same period.
India’s engineering goods exports saw a year-on-year increase of 38.53 per cent in October, reaching $11.19 billion—surpassing the $10 billion mark for the first time in the current fiscal year, according to EEPC India. This strong performance is particularly notable given that India’s trade landscape in 2024 was impacted by geopolitical tensions and global economic disruptions, which affected supply chains and raised costs. The increase in engineering exports was primarily driven by exceptional growth in shipments of aircraft, spacecraft and parts, as well as ships, boats, and floating structures, as per the EEPC report.
Cumulative engineering exports for the April-October 2024 period rose by 8.27 per cent year-on-year, reaching $66.59 billion. The share of engineering goods in overall merchandise exports stood at 28.72 per cent in October 2024, up from 26.75 per cent during the April-October period. Experts forecast India’s engineering exports will reach $125 billion this year, compared to $109 billion in 2023-24.
The US remained India’s leading destination for engineering exports in October 2024, with a 16 per cent increase to $1.61 billion. Exports to Singapore ($1.23 billion) and the UAE ($825.2 million) surged by 572 per cent and 137 per cent, respectively, in October. The re-election of Donald Trump as US president could benefit India’s engineering exports, as he has pledged to impose high import tariffs on Chinese goods. Experts predict engineering exports to the US will grow by an additional 5 per cent over the coming years, driven by iron and steel products, electrical machinery, automotive, auto components, and electric vehicles (EVs).
The current US administration is heavily investing in infrastructure development. The continuation of this investment will positively impact Indian exporters. Additionally, the anticipated growth in core industrial manufacturing under the Trump administration is expected to boost demand for Indian products. With bullishness expected to return in manufacturing and infrastructure sectors in the US, we can expect a strong run for India's engineering goods exports in the next four years.
Our ASAPP Info Global Group (publishers of SME) are organising the following events in early 2025:
- 3rd Metro Rail Conference on 22nd January 2025 in Mumbai
- AI Powered Data Centre Conference on 12th February 2025 in Mumbai
- Cement Expo Forum on 5-6th March 2025 in Hyderabad
SME will also be bringing out a special issue for Hannover Messe in April 2025 while our sister publications, Construction World & Equipment India, will bring out a special issue for Bauma Munich also in April 2025. Interested? Send us an email at marketing@asappinfoglobal.com
Wishing you lots of new opportunities in the new year!
Riding the Trump triumph
global demand
Indian products
mixed export performance
economic growth
EEPC India
iron and steel products
electrical machinery
automotive
auto components
electric vehicles
infrastructure development
investment
3rd Metro Rail Conference
AI Powered Data Centre Conference
Cement Expo Forum
Hannover Messe
Construction World & Equipment India
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