Machinery exports to Russia, CIS nations up 3 times in Jun
New Delhi: Indian engineering goods exports to Russia and Commonwealth of Independent States (CIS) countries surged in June, up nearly threefold in comparison to a year earlier, according to exporters. However, goods exports to other parts of the world witnessed a slowdown, they added. The 18-month long Russia-Ukraine war has driven prices of food and fuel higher, resulting in falling demand for goods and services in the West.
Consequently, goods exports from India declined for six consecutive months. While declining engineering exports continued in key markets such as the US, the EU and China in June, shipments to regions such as West Asia and North Africa (WANA), CIS countries and North East Asia saw favourable growth. “Engineering export to Russia almost tripled in June 2023 and stood at $116.9 million.
In cumulative terms, it jumped four-fold in April-June of the current fiscal to $337.4 million compared to $89.7 million in the same period of FY23," said Engineering Exports Promotion council (EEPC). According to data available, engineering exports to the US fell 12.5% year-on-year to $ 1.45 billion compared to $ 1.65 billion a year ago. On a cumulative basis, the decline was even sharper with shipments value at $4.30 billion in April-June of 2023-24 as against $5.32 billion in the year earlier.
Engineering exports to the EU fell as much as 16.2% from a year ago in June to $1.51 billion. Cumulatively, it fell nearly 10% to $5.35 billion in the period under consideration. In June 2023, engineering exports to China declined 20% from a year ago to $184 million.
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