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Engineering Exports to Russia jump 11 times in April: EEPC India
KOLKATA: Exports of engineering goodstoRussiajumped11timesinApril this year to USD 133.6 million as compared to year-ago month while the US and China markets continued to soften, the engineering export promotion council said recently. Engineering exports to the CIS country wereUSD11.7millioninApril2022.
The value of engineering exports to the US was USD 1.4 billion in April 2023, down 24.9 per cent compared to USD 1.86billionintheyear-agomonth.
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Shipments to China too continued withthe decliningtrend andfell 15.5 per centtoUSD183.3millioninApril2023as compared to USD 216.9 million in the samemonthlastyear.
However, exports to Oman more than doubled during the month to USD 153.9 million over the corresponding monthofApril2022.
Out of 25 top destinations for Indian engineering goods, as many as 15 saw positiveyear-on-yeargrowthduringthe month under review while 10 countries witnessedaregrowth.
The top 25 countries, including the US, Germany, the UK, France, Indonesia and Singapore, contribute about 76 per cent of the total engineeringexportsfromIndia.
Engineering exports from India continued to decline in 2023-24 as April 2023sawa7.15percentdroptoUSD8.99 billion as against USD 9.68 billion in April2022.
Drop in shipment to North America, the EU and ASEAN region led to a declineinoverallengineeringexports.
Commenting on the latest export data, EEPC India chairman Arun Kumar Garodia stated that the decline in exports was caused due to demand slowdown in almost all regions barring Latin America, WANA, parts of Europe andOceania.
WANA region comprises 19 countries, including Bahrain, Kuwait, Oman, Qatar, Iraq, UAE, Saudi Arabia, Egypt, Sudan, Algeria, Morocco, Tunisia, Syria, Jordan, Israel, Lebanon, Yemen,LibyaandSouthSudan.
"Significant export decline was noted in North America as the US is currentlygoingthroughabankingcrisis and a debt ceiling crisis. Its imports have come down in the last few months. Exports to the EU have been impacted by the ongoing Ukraine-Russia crisis andthewithdrawaloftheGSPbenefits," Garodiasaidinapressrelease.
"South Asia situations remain grim as Bangladesh's economy suffers from the lowering global demand and Nepal and Sri Lanka reel under the debt crisis,"headded.
Engineering products that witnessed positive growth include copper and products, industrial boilers, IC engines, pumps and valves, air condition machinery, auto parts, electrical machinery, and other constructionmachinery.
Major engineering products that witnessed negative growth include iron and steel, products of iron and steel, non-ferrous metals like aluminium, zinc,nickel,lead,tinandotherproducts, industrial machinery for dairy, two and three-wheelers, auto tyres, hand tools andbicycleparts.
Major engineering products that witnessed negative growth include iron and steel, products of iron and steel, non-ferrous metals like aluminium, zinc,nickel,lead,tinandotherproducts, industrial machinery for dairy, two and three-wheelers, auto tyres, hand tools andbicycleparts.
