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The engineering export promotion council (EEPC) has said that India’s exports of engineering goods to Russia jumped 11 times in April 2023 to $133.6 million as compared to year-ago month while the US and China markets continued to soften. Engineering exports to the CIS country were $11.7 million in April 2022.

The value of engineering exports to the US was $1.4 billion in April 2023, down 24.9 per cent compared to $1.86 billion in the year-ago month. Shipments to China too continued with the declining trend and fell 15.5 per cent to $183.3 million in April 2023 as compared to $216.9 million in the same month last year. However, exports to Oman more than doubled during the month to $153.9 million over the corresponding month of April 2022.

Out of 25 top destinations for Indian engineering goods, as many as 15 saw positive year-on-year growth during the month under review while 10 countries witnessed a regrowth. The top 25 countries, including the US, Germany, the UK, France, Indonesia and Singapore, contribute about 76 per cent of the total engineering exports from India. Engineering exports from India continued to decline in 2023-24 as April 2023 saw a 7.15 per cent drop to $8.99 billion as against $9.68 billion in April 2022. Drop in shipment to North America, the EU and ASEAN region led to a decline in overall engineering exports.