Engineering Exports Promotion Council (EEPC) said that overall exports of engineering goods from the country have been affected by the global slowdown.
Overall engineering exports during April to August in 2023 dropped 4.55 per cent to $44.62 billion as against $ 46.74 billion in the previous similar period of 2022.
According to an EEPC spokesman, engineering exports to Russia surged 178 per cent to $ 568.41 million during April to August of fiscal 2023-24, which was $ 204.17 million in the corresponding previous period.
The exporters’ body said that some of the major trading partners like the US and European countries have been affected by the global slowdown.
The Russia-Ukraine conflict has also been ongoing, while China is also experiencing a slowdown. All these factors have affected India’s engineering export demand, EEPC said.
Engineering exports to the US fell 14 per cent year-on-year during April to August 2023.
EEPC is also of the view that India should sign free trade agreements (FTAs) with non-traditional markets like Latin America and Africa to boost engineering exports.
The FTAs with UAE and Australia have provided a fillip to engineering exports with shipments to both nations rising nine per cent during April to August of the current financial year.