Engineering goods exports from India to Russia continued their upward trend, more than doubling to USD 123.65 million in July 2023 from USD 55.65 million in the same period last year, as per data released by the Engineering Export Promotion Council (EEPC). Conversely, engineering exports to the US experienced a 10.4 percent decline year-on-year, reaching USD 1.44 billion. Shipments to China also declined by 10 percent, amounting to USD 197.98 million. Of the 25 key markets for Indian engineering goods, 14 countries reported year-on-year declines in July.
Overall, India’s engineering exports decreased by 6.62 percent to USD 8.75 billion in the reviewed month, attributed to reduced global demand, particularly for iron, steel, and aluminum. In light of this, EEPC India Chairman Arun Kumar Garodia suggested diversifying into African and Latin American markets to counter the challenging global trade scenario.