Exports of engineering goods to Russia in April this year surged 11-fold year-on-year to $133.6 million, while markets in the U.S. and China continued to slide, the Engineering Export Promotion Council said on Saturday.
Engineering exports to the CIS country in April 2022 amounted to $11.7 million.
The value of machinery exports to the United States was $1.4 billion in April 2023, down 24.9 percent from $1.86 billion in the same month last year.
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Shipments to China also continued the declining trend, falling 15.5 percent to US$183.3 million in April 2023, compared to US$216.9 million in the same month last year.
However, exports to Oman during the month more than doubled from the corresponding month of April 2022 to US$153.9 million.
Out of the top 25 destinations for Indian engineering products, as many as 15 recorded positive year-on-year growth for the month, while 10 countries saw renewed growth.
The 25 largest countries, including the US, Germany, UK, France, Indonesia and Singapore, contribute about 76 percent of India’s total engineering exports.
Machinery exports from India continued to decline in 2023-24, as recorded a 7.15 percent decline to US$8.99 billion in April 2023 compared to US$9.68 billion in April 2022.
The decline in shipments to North America, the EU and the ASEAN region led to a decline in overall engineering exports.
Commenting on the latest export data, Arun Kumar Garodia, Chairman of EEPC India, explained that the decline in exports was due to a slowdown in demand in almost all regions except Latin America, WANA, parts of Europe and Oceania.
The WANA region covers 19 countries including Bahrain, Kuwait, Oman, Qatar, Iraq, United Arab Emirates, Saudi Arabia, Egypt, Sudan, Algeria, Morocco, Tunisia, Syria, Jordan, Israel, Lebanon, Yemen, Libya and South Sudan .
“North America has seen a significant drop in exports as the US is currently going through a banking crisis and a debt crisis. Imports have declined in recent months. Exports to the EU have been impacted by the ongoing Ukraine-Russia crisis and the withdrawal of GSP benefits,” Garodia said in a press release.
“The situation in South Asia remains grim as Bangladesh’s economy suffers from falling global demand and Nepal and Sri Lanka suffer from the debt crisis,” he added.
Engineering products that saw positive growth include copper and products, industrial boilers, internal combustion engines, pumps and valves, air conditioners, auto parts, electrical machinery and other construction machinery.
The main engineering products that recorded negative growth include iron and steel, iron and steel products, non-ferrous metals such as aluminum, zinc, nickel, lead, tin and other products, industrial machinery for dairy, bicycles and tricycles, automobile tires, hand tools and bicycle parts.
