Kolkata: After recording positive growth for nine straight months, engineering goods exports registered a dip in the month of February 2025, slipping 8.6 per cent year-on-year to $9.08 billion during this period, according to the EEPC India.
In cumulative terms, engineering goods exports stood at $105.84 billion in April-February period of current financial year 2024-25 as against $98.03 billion in the corresponding period last year thus registering a positive growth of 7.9 pc, EEPC India chairman Pankaj Chadha said on Tuesday.
The big shift in US trade policy threatened to negatively impact global trade. The move has already resulted in many countries taking a protectionist approach towards trade, he continued.
” All indications suggest that the US could further harden its stand on a tariff which will affect the world adversely. India has been one of the few major countries which have managed to do well on exports despite various back-to-back challenges,” Chadha maintained.
” The Indian engineering industry has maintained growth momentum for most part of the current financial year surpassing the performance of overall merchandise exports. While the medium and long-term outlook for the sector remains bright, challenges do not seem to be subsiding in the short-term,” he said.
The US has made announcements regarding reciprocal tariffs, likely to take effect from April 2, 2025, adding further concerns for the industry. Reciprocal tariff would be applicable on all products Chadha said.
“In the light of the above, the engineering sector hopes to continue getting government support and stay competitive globally,” the EEPC India opined.
