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India's engineering goods exports faced a 3% year-on-year decline in November, totaling $7.85 billion, according to a report by the Engineering Export Promotion Council of India (EEPC). The dip is attributed to disruptions caused by the festive season in key engineering export regions, particularly in the northern and western parts of the country.
Indian engineering exports to 18 key markets, including the UK, US, and UAE, saw positive growth in October, according to the Engineering Exports Promotion Council (EEPC). However, China, Italy, Singapore, and Indonesia experienced declines in engineering shipments. The US saw a 2.2% increase in engineering exports, while Germany saw a 20% increase.
The ongoing global slowdown comes along with the Russia-Ukraine war and China has not been spared in global supply chain troubles. The EEPC said all these factors are causing a drop in India's engineering export demand.
Overall engineering exports during April to August in 2023 dropped 4.55 per cent to USD 44.62 billion as against USD 46.74 billion in the previous similar period of 2022.
Engineering exports from India to the UAE and Australia have increased by 9% in the April-August period of the current financial year, providing a boost to overall engineering exports, which have seen a decline during the same period. Engineering exports to Russia have also surged by 178% during this period.