Engg exports to US dipped 7% YoY; doubled to Russia till Feb in FY24: EEPC
Exports to the UAE and Australia, with which India had signed an FTA, remained positive. Till February, shipments to the UAE rose 16 per cent on-year to $5.22 billion.
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KOLKATA: Engineering exports to Russia doubled to $1.22 billion till February during the 2023-24 fiscal even as exports to the US dipped seven per cent year-on-year to $15.95 billion during this period, the Engineering Export Promotion Council (EEPC) of India said on Tuesday. The shipments to Russia stood at $616.68 million in the previous fiscal, EEPC said in a statement. In case of China, engineering shipments to that country saw a marginal decline to $2.38 billion from $2.40 billion in the period under review, it said.
Exports to the UAE and Australia, with which India had signed an FTA, remained positive. Till February, shipments to the UAE rose 16 per cent on-year to $5.22 billion, while those to Australia was higher by five per cent at $1.30 billion. Cumulative engineering exports during April-February (2023-24) stood at $98.03 billion as against $96.84 billion in the corresponding period a year ago, the statement said.
“In the last few months, engineering exports from India have been on a steady growth path. The remarkable performance of the sector in the last three months made it possible for the cumulative exports to record high growth. “As India’s current economic performance stabilises, we are hopeful with the positive turn of tide in global trade, India’s exporting community will be able to lift exports to a new high,” EEPC India chairman Arun Kumar Garodia said.
