India’s Engineering Exports To Major Markets Drop In June 2023

India's engineering exports reportedly declined to the United States, the European Union (EU) and China in June 2023 marking a major market reduction, according to a media report on Sunday.

The fall in exports reflects challenging trade practices worldwide, said the Engineering Exports Promotion Council of India (EEPC).

Russia’s engineering exports were almost trebled in June 2023 and stood at USD 116.9 million. But in cumulative terms, it jumped four-fold during the April-June period of the current fiscal to USD 337.4 million in comparison to USD 89.7 million in the same period of the financial year 2023.

Subsequently, engineering exports to the US fell 12.5 per cent year-over-year (YoY) to USD 1.45 billion as compared to USD 1.65 billion in the same month of the previous year, as per EEPC’s latest data.

On a cumulative basis, the US marked a sharper decline with total shipments value standing at USD 4.30 billion during the April-June period of 2023-2024 as against USD 5.32 billion in the same period last year.

Marking the negative exports, the EEPC also underlined the country’s positive growth during the same period which was found in the shipments to West Asia and North Africa (WANA), North East Asia and CIS countries.

The report said June is the third straight month that showcased India's engineering exports decline, falling 11 per cent YoY to USD 8.53 billion.

Arun Kumar Garodia, Chairman at EEPC India, attributed the metal sector’s contribution to the export decline due to weak global demand, as per the report.