KOLKATA: Engineering goods exports to Russia continued its uptrend and more than doubled to $123.65 million in July 2023 as against $55.65 million in the corresponding period a year ago, according to data released by EEPC.
During the same period this year, engineering exports to the US declined 10.4 per cent on-year to $1.44 billion, it said. Engineering shipments to China during in July also fell 10 per cent year-on-year to $197.98 million, the data re- leased by the Engineering Ex- port Promotion Council showed. Among the 25 key markets for Indian engineering goods, which contribute to more than 76 per cent of total exports, 14 countries witnessed a year-on-year decline in July, it said.
India’s overall engineering exports dropped 6.62 per cent to $8.75 billion in the month under review from $9.37 billion in the year-earlier period. This was mainly due to a fall in exports of iron, steel and aluminium coupled with reduced global demand, EEPC said.
EEPC India Chairman Arun Kumar Garodia said in such a situation, there is a need for the country to diversify into other markets. “Eight consecutive months of y-o-y decline since December 2022 reflects the depressing scenario of global trade. It is an opportunity for the Indian ex- porters to diversify into the African and Latin American markets,” he said.