Engineering exports decline for third consecutive month, trade with Russia up in June: EEPC
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Kolkata: India’s engineering exports continued to decline during June 2023 in major markets such as the US, the European Union (EU) and China. EEPC India said this reflects a challenging global business environment. The Engineering Export Promotion Council of India (EEPC) said that there was a positive growth in exports to West Asia and North Africa (WANA), North-East Asia and CIS countries during this period.
India’s engineering exports declined for the third consecutive month in June 2023. During this period, it decreased by 11 percent on an annual basis to $ 8.53 billion. EEPC said this decline was due to a decline in exports to the US, the European Union and China. Exports to the US declined by 12.5 per cent to $1.45 billion, to the European Union by 16.2 per cent to $1.51 billion and to China by 20 per cent to $184 million during the period under review.
India’s engineering exports declined for the third consecutive month in June 2023. During this period, it decreased by 11 percent on an annual basis to $ 8.53 billion. EEPC said this decline was due to a decline in exports to the US, the European Union and China. Exports to the US declined by 12.5 per cent to $1.45 billion, to the European Union by 16.2 per cent to $1.51 billion and to China by 20 per cent to $184 million during the period under review.
However, engineering exports to Russia nearly tripled to $116.9 million during this period. During April-June in the current financial year, exports to Russia increased four-fold year-on-year to $337.4 million. Arun Kumar Garodia, Chairman, EEPC India, said, “The metal sector contributed the most to the decline. This happened due to weak global demand. There are indications that global steel demand has weakened due to a weak construction sector in China.
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