India's engineering goods exports experienced a decline in value during February 2025, marking the first monthly fall since April 2024, affected by slower exports of aluminium, steel, copper, and iron. According to the Engineering Export Promotion Council (EEPC), India's export value stood at $9.4 billion in the specific month, compared to $9.08 billion a year ago. That reflected an 8.62 per cent decline, bringing the past nine-month growth streak to an end.
However, despite the monthly fall in February, cumulative export value for the past ten months continued to show growth, with a moderate year-on-year increase of 7.98 per cent. Interestingly, the export value for the period from April to February FY2025 reached an all-time high, amounting to $105.85 billion versus $98.03 billion during the corresponding period of the previous year.
Breaking down the engineering exports by product type, data indicates that the decline in February was primarily driven by aluminium and aluminium products, marking a 58 per cent Y-o-Y fall in value. Meanwhile, the worth of iron and steel exports plunged by 40 per cent, and that of ships, boats, aircraft, spacecraft, and their components recorded a substantial fall.
India's aluminium exports – value vs volume
Taking a slightly deeper dive into India's aluminium export value, the decline in February reflected a broader trend from the past year. According to official trade data, India's aluminium export value from January to December 2024 stood at USD 94 million, compared to USD 5.87 billion in 2023 and USD 8.59 billion in 2022.
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