India's machinery exports to Russia jump three-fold in a year amid war

livemint.com:

Even as Indian goods exports to the rest of the world are slowing, engineering goods exports to Russia and other CIS countries have registered a sharp uptick, jumping nearly three times from June last year, exporters said. The Russia-Ukraine war, which entered its 18th month, has caused food and fuel prices to spike while creating a slump in demand for goods and services in the West. Indian goods exports have now declined for six consecutive months.

India’s engineering exports to many key markets, especially the US, EU, and China continued a declining trend in June 2023, while shipments to West Asia and North Africa (WANA), North East Asia and CIS countries recorded positive growth during this period. "Engineering exports to Russia almost tripled in June 2023 and stood at $116.9 million. In cumulative terms, exports jumped four-fold during the April-June period of the current fiscal to $337.4 million from $89.7 million in the same period of FY23," Engineering Exports Promotion Council (EEPC) said.

The latest data shows engineering exports to the US fell 12.5% to $1.45 billion from $1.65 billion in the same month last year. On a cumulative basis, the decline was even sharper with total shipments value coming in at $4.30 billion during April-June 2023-24, as against $5.32 billion in the same period last year. Engineering exports to the European Union (EU) fell as much as 16.2% year-on-year to $1.51 billion in June 2023.

Cumulatively, exports fell almost 10% to $5.35 billion in April-June FY24. In June 2023, engineering exports to China declined 20% year-on-year to US$ 184 million. Engineering shipments to WANA, CIS, and the Northeast Asia region grew 10.9%, 161.2%, and 0.5%, respectively, from June 2022 to June 2023.