Engineering exports dropped 6.62 per cent to $8.75 billion in July 2023 from $9.37 billion in July 2022 as a slowdown in demand in the US and China continued. However, during the same period shipments to Russia more than doubled.

Engineering goods exports to Russia jumped to $123.65 million in July 2023 from $55.65 million in the corresponding period a year ago, according to data released by EEPC.

Engineering exports to the US declined 10.4 per cent year-on-year to $1.44 billion, it said.

Engineering shipments to China during in July also fell 10 per cent year-on-year to $197.98 million, the data showed.

The exports to Germany remained positive and grew 2 per cent year-on-year to $346.36 million in July this year even as the key European economy remained in the grip of a slowdown.

Among 25 key markets for Indian engineering goods which contribute more than 76 per cent to total exports, 14 countries witnessed a year-on-year decline in July 2023 while the remaining 11 countries recorded positive growth.

Region-wise, positive year-on-year growth in July 2023 was noted majorly in West Asia and North Africa (WANA), North East Asia, and CIS countries. Regions witnessing a drop in exports during July 2023 include North America, Asean countries, EU countries, Sub-Saharan Africa, South Asia, Latin America, and Oceania.

Among the 25 key markets for Indian engineering goods, which contribute to more than 76 per cent of total exports, 14 countries witnessed a year-on-year decline in July, it said.

India’s overall engineering exports dropped 6.62 per cent to $8.75 billion in the month under review from $9.37 billion in the year-earlier period.