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Engineering goods export decline 1.8% y-o-y between April-Nov this year

Updated: Dec 24, 2022 10:31:35am
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Engineering goods export decline 1.8% y-o-y between April-Nov this year

New Delhi, Dec 24 (KNN) India’s engineering exports have declined by 1.8 per cent between April and November this year to USD 70.72 billion, according to a report in The Hindu.

This constitutes about 56 per cent of the USD 127-billion target set by the government for the sector’s exports in 2022-23.

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As per reports, India’s engineering exports are likely to continue to see lower orders across key markets, including Europe and China.

Engineering exports to China fell 40 per cent year-on-year in November though their overall moderation from November 2021 levels was only 0.3 per cent, and the apex engineering exporters’ body EEPC India expects this trend to continue given the spike in COVID cases in that country along with its persistent and worsening real estate sector crisis. 

“Since the record post-Covid recovery last fiscal, global demand has again exhibited a downward trend and signs of distress in the current fiscal,” reported The Hindu.

Demand continues to remain subdued in the European region primarily due to high energy prices and lower manufacturing activity, said EEPC India chairman Arun Kumar Garodia.

While the recent withdrawal of the export duty on select steel items will likely restore the exports of iron and steel in coming months, Garodia said the exporting community expects the U.S. Federal Reserve’s monetary tightening policy to hit interest-sensitive spending not only in the U.S. but across the world.  (KNN Bureau)

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