Engineering Export Promotion Council (EEPC) in its latest data has showed that engineering goods exports to Russia continued its uptrend and more than doubled to $123.65 million in July 2023 as against $55.65 million in the corresponding period a year ago. It said 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.
According to the data, 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. This was mainly due to a fall in exports of iron, steel and aluminium coupled with reduced global demand.
EEPC India Chairman Arun Kumar Garodia said in such a situation, there is a need for the country to diversify into other markets. He also said eight consecutive months of y-o-y decline since December 2022 reflects the depressing scenario of global trade. It is an opportunity for the Indian exporters to diversify into the African and Latin American markets.
