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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 growing trend of friend-shoring and global companies' China plus policy offer a big opportunity for India to diversify trade, especially to non-traditional markets of Africa and Latin America: EEPC India Chairman
The Index of Industrial Production (IIP), which measures factory output, expanded by just 1.1% YoY in March, the slowest in the last five months, due to sluggish growth of manufacturing. February IIP was revised upwards to 5.8% from the provisional figure of 5.6%. , Economy News, Times Now
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.