eepc: Engineering exports to Russia greater than doubled in July: EEPC

Engineering shipments to China throughout in July additionally fell 10 per cent year-on-year to USD 197.98 million, the info launched by the Engineering Export Promotion Council confirmed.

Among the many 25 key markets for Indian engineering items, which contribute to greater than 76 per cent of complete exports, 14 international locations witnessed a year-on-year decline in July, it stated.

India‘s total engineering exports dropped 6.62 per cent to USD 8.75 billion within the month beneath evaluation from USD 9.37 billion within the year-earlier interval.

This was primarily attributable to a fall in exports of iron, metal and aluminium coupled with decreased international demand, EEPC stated.

EEPC India Chairman Arun Kumar Garodia stated in such a state of affairs, there’s a want for the nation to diversify into different markets. “Eight consecutive months of y-o-y decline since December 2022 displays the miserable situation of worldwide commerce. It is a chance for the Indian exporters to diversify into the African and Latin American markets,” he stated.