Chennai: Improved exports of iron and steel along with higher demand from China and Russia helped engineering exports clock 10 per cent growth in December.
After a dip in Nov., engineering exports grew 10.19 per cent to $10.04 bn in Dec. against the year-ago month. For the first time in fiscal 2023-24, engineering exports crossed $10 bn.
It also rose 4.91 per cent year-on-year to $25.98 bn in Oct.-Dec. quarter. In the corresponding quarter of 2022-23, engineering goods worth $24.76 bn had been exported.
In Dec., 19 out of 34 engineering panels saw positive year-on-year growth. With a 24 per cent growth iron and steel exports touched $984.9 mn in December. With shipments worth $268.6 mn, copper and products clocked 47 per cent growth, while lead and products recorded 69 per cent growth with $80.2 million.
Among top exporting destinations, engineering exports to China grew by 12 per cent to $261.6 mn in Dec. 2023. Shipments to Russia recorded 88 per cent year-on-year growth in the same period. On a cumulative basis, engineering exports to Russ-ia grew 130 per cent to $1.03 bn in April-Dec. period of 2023-24. Expo-rts to EU, West Asia and North Africa countries also increased.
