Engg exports decline for 3rd month

Kolkata: 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, EEPC India said.

India’s shipments to West Asia and North Africa (WANA), North East Asia, and CIS countries, however, showed positive growth during the same period, the Engineering Exports Promotion Council of India (EEPC) said. India’s engineering exports declined for the third straight month in June 2023, falling 11 per cent year-on-year to $8.53 billion. The decline was led by a sharp fall in exports to the US, EU, and China, it said. 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. 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. Experts pointed out that the metal sector, particularly steel, played a significant role in this downturn, owing to weakening global demand.