look news india
New Delhi: Engineering exports in value terms rose by $3.1 billion year-on-year to $11.2 billion in October, of which shipping and aircraft products accounted for more than half, according to commerce ministry data.
Exports of ships, boats and floating products and miscellaneous parts increased by 1400% year-on-year to $1.09 billion in October from $72.8 million in the same month last year. Similarly, exports of aircraft and related products increased by 407% to $666.5 million in October.
Apart from exports of parts for aircraft and ships, exports under this item also include earnings from repair, maintenance and overhaul of ships and aircraft. Another major contributor to the growth in engineering exports in October was iron and steel and their products. Exports from this sector have increased to $1.73 billion annually.
Engineering sector exports during October grew 38.5% year-on-year to $11.19 billion. Due to this, the share of engineering sector in total exports increased from 24.16 percent in the same month last year to 28.72 percent.
The government has set a target of $300 billion in engineering exports by 2030, while total merchandise exports will reach $1 trillion. Engineering exports are expected to grow from $109 billion this year to $125 billion in 2023-24.