India's Engineering Exports To Russia Jump 11 Times In April: EEPC
The value of engineering exports to the U.S. was $1.4 billion in April 2023, down 24.9% compared to $1.86 billion a year ago.
Exports of engineering goods to Russia jumped 11 times in April this year to $133.6 million as compared to the year-ago month while the U.S. and China markets continued to soften, the Engineering Export Promotion Council said on Saturday.
Engineering exports to the CIS country were $11.7 million in April 2022.
The value of engineering exports to the U.S. was $1.4 billion in April 2023, down 24.9% compared to $1.86 billion in the year-ago month.
Shipments to China, too, continued with the declining trend and fell 15.5% to $183.3 million in April 2023, as compared to $216.9 million in the same month last year.
However, exports to Oman more than doubled during the month, reaching $153.9 million over the corresponding month of April 2022.
Out of the 25 top destinations for Indian engineering goods, as many as 15 saw positive year-on-year growth during the month under review, while 10 countries witnessed regrowth.
The top 25 countries, including the U.S., Germany, the U.K., France, Indonesia, and Singapore, contribute about 76% of the total engineering exports from India.
Engineering exports from India continued to decline in 2023–24, as April 2023 saw a 7.15% drop to $8.99 billion as against $9.68 billion in April 2022.
Drops in shipment to North America, the EU, and the ASEAN region led to a decline in overall engineering exports.
Commenting on the latest export data, EEPC India chairman Arun Kumar Garodia stated that the decline in exports was caused by a demand slowdown in almost all regions barring Latin America, WANA, parts of Europe, and Oceania.
The WANA region comprises 19 countries, including Bahrain, Kuwait, Oman, Qatar, Iraq, UAE, Saudi Arabia, Egypt, Sudan, Algeria, Morocco, Tunisia, Syria, Jordan, Israel, Lebanon, Yemen, Libya, and South Sudan.
"A significant export decline was noted in North America as the U.S. is currently going through a banking crisis and a debt ceiling crisis. Its imports have come down in the last few months. Exports to the EU have been impacted by the ongoing Ukraine-Russia crisis and the withdrawal of the GSP benefits," Garodia said in a press release.
"South Asia's situations remain grim as Bangladesh's economy suffers from lowering global demand and Nepal and Sri Lanka reel under the debt crisis," he added.
Engineering products that witnessed positive growth include copper products, industrial boilers, IC engines, pumps and valves, air conditioning machinery, auto parts, electrical machinery, and other construction machinery.
Major engineering products that witnessed negative growth include iron and steel, products of iron and steel, non-ferrous metals like aluminium, zinc, nickel, lead, tin, and other products, industrial machinery for dairy, two- and three-wheelers, auto tyres, hand tools, and bicycle parts.