In a big disappointment to Engineering Export Promotion Council (EEPC), Indian engineering exports remained in negative trend in July, despite a sharp depreciation in rupee value against dollar and other major currencies. However, the pace of decline has come down from a high of 9.52 percent reported in April to 1.38 percent in the month of July. On cumulative basis, during April to July period, engineering exports declined by 5.77 percent with total consignments of $18.03 billion for the four months against $19.14 billion in the corresponding period in the previous fiscal.
Engineering goods exports constitute around one-fourth of the country's total merchandise shipments. The prevailing slowdown in the US and European Union markets has been affecting India’s exports as the US and Europe together account for around 60 per cent of the country’s total engineering exports and now it has become imperative for India to search new markets for engineering exports. Meanwhile, contrary to engineering exports India’s overall merchandise exports increased by 11.64 percent in July after months of drop.
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