India’s engg exports to Russia saw 11-time jump in April: EEPC
   Date :22-May-2023

EXPORTS of engineering goods to Russia jumped 11 times in April this year to USD 133.6 million as compared to year-ago month while the US and China markets continued to soften, the Engineering Export Promotion Council (EEPC) said on Saturday. Engineering exports to the CIS country were USD 11.7 million in April 2022. The value of engineering exports to the US was USD 1.4 billion in April 2023, down 24.9 per cent compared to USD 1.86 billion in the year-ago month. Shipments to China too continued with the declining trend and fell 15.5 per cent to USD 183.3 million in April 2023 as compared to USD 216.9 million in the same month last year.
However, exports to Oman more than doubled during the month to USD 153.9 million over the corresponding month of April 2022. Out of 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 a regrowth. The top 25 countries, including the US, Germany, the UK, France, Indonesia and Singapore, contribute about 76 per cent of the total engineering exports from India. Engineering exports from India continued to decline in 2023-24 as April 2023 saw a 7.15 per cent drop to USD 8.99 billion as against USD 9.68 billion in April 2022.