India`s engineering exports fell 11% year-on-year to $8.53 billion: EEPC
The Engineering Exports Promotion Council of India (EEPC) has said that India's engineering exports declined for the third straight month in June 2023, falling 11 per cent year-on-year to $8.53 billion. It stated that India's engineering exports to major markets like the United States, the European Union (EU) and China continued to decline in June 2023, reflecting a challenging global trade environment.
However, it said the country's shipments to West Asia and North Africa (WANA), North East Asia, and CIS countries showed positive growth during the same period. It mentioned exports to the US fell 12.5 per cent to $1.45 billion, while exports to the EU fell 16.2 per cent to $1.51 billion. Exports to China fell 20 per cent to $184 million. However, an almost threefold increase in engineering exports to Russia reached a substantial $116.9 million in June 2023.
Moreover, it said, cumulatively, during the April-June period of the current fiscal year, exports to Russia witnessed a remarkable four-fold surge, totalling $337.4 million compared to $89.7 million in the same period of the previous fiscal year.
