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Amid slackening demand for engineering goods from major markets such as the US and China, shipments to Russia continued their uptrend and more than doubled to US$ 123.65 million in July 2023 from US$ 55.65 million in July 2022, a rise of 122.03 per cent, according to a media release issued by EEPC India on Wednesday.
Overall, India's engineering exports dropped by 6.62% to US$ 8.75 billion in July 2023 from US$ 9.37 billion in July 2022.
The other top markets that recorded negative growth during the year included UAE, Turkey, and Thailand
The US remains the top destination for India's engineering goods exports in the financial year 2022-23 with total shipments value recording 6.8 per cent year-on-year growth to USD 18.67 billion.
The US remains the top destination for India's engineering goods exports in the financial year 2022-23 with total shipments value recording 6.8 per cent