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.Significantly, engineering exports to Russia almost trebled in June 2023 and stood at US$ 116.9 million. It is also reflected in India’s export performance, indicating a sharp decline in exports to some of India’s major partners, including the USA, EU countries, and China. "Excluding the export of iron and steel, engineering exports recorded a lower 6.95% year-on-year decline in June 2023 and a 2.62% decline during April-June 2023. "Engineering exports from India conceded a year-on-year decline for the seventh month in a row in June this year starting from December 2022. The month of June 2023 saw the third straight month of decline and the first double-digit decline in engineering exports during the ongoing fiscal.

Source: The North Africa Journal July 24, 2023 04:18 UTC