India’s Engineering Exports to Russia Soar, US Sales Slide: EEPC Report

Kolkata, India – As per Engineering Export Promotion Council (EEPC) India, a trade and investment promotion group for the engineering industry, India’s engineering exports to Russia have doubled to US$ 1.22 billion as of February in the fiscal year 2023-24, up from US$ 616.68 million the previous year. During this time, exports to the United States fell 7 percent year over year to US$ 15.95 billion, while engineering shipments to China fell slightly to US$ 2.38 billion from US$ 2.40 billion in the previous year. 

Exports to the UAE and Australia, with whom India has inked a free trade agreement (FTA), remained strong, with shipments to the UAE increasing by 16 percent year on year to US$ 5.22 billion in February, while exports to Australia increased by 5 percent to US$ 1.30 billion. India’s engineering exports, which amounted to US$ 98.03 billion from April to February 2023-24, stood at US$ 96.84 billion in the same period last year, showing an upward trend in recent months. 

The sector’s remarkable performance in the last few months enabled cumulative exports to grow significantly, and as India’s current economic performance stabilizes and with a positive turn in global trade, the country’s exporting community is expected to be able to lift exports to new heights.

Image Source: Magic Wand Media

---

---