India's Engineering Exports to Russia Surge 11 Times To $133.6 Million In April

Exports of engineering items to Russia increased 11 times in April this year to $133.6 million, according to the engineering export promotion council, while markets in the United States and China remained lacklustre.

In April 2022, engineering exports to the CIS country totaled $11.7 million.

Engineering exports to the United States totaled $1.4 billion in April 2023, a 24.9 percent decrease from $1.86 billion the previous month.

Shipments to China also continued to fall, falling 15.5% to $183.3 million in April 2023, compared to $216.9 million in the same month previous year.

Exports to Oman, on the other hand, more than doubled during the month to $153.9 million, compared to the same month in April 2022.

During the month under review, 15 of the top 25 destinations for Indian engineering goods experienced positive year-on-year growth, while 10 countries experienced regrowth.

The top 25 countries, which include the United States, Germany, the United Kingdom, France, Indonesia, and Singapore, account for almost 76% of India's overall engineering exports.

Engineering exports from India fell 7.15 percent in 2023-24, to $8.99 billion in April 2023, compared to $9.68 billion in April 2022.

Shipments to North America, the EU, and the ASEAN region dropped, resulting in a reduction in overall engineering exports.

In response to the latest export data, EEPC India chairman Arun Kumar Garodia stated that the decline was caused by a slowdown in demand in almost all regions except Latin America, WANA, parts of Europe, and Oceania.

In terms of exports and economic activity, the WANA region, which encompasses 19 countries such as Kuwait, Bahrain, Qatar, Iraq, Oman, Saudi Arabia, UAE, Sudan, Algeria, Egypt, Morocco, Syria, Jordan, Tunisia, Israel, Yemen, Lebanon, Libya, and South Sudan, is significant.

"Significant export decline was noted in North America as the US is currently going through a banking crisis and a debt ceiling crisis. Its imports have come down in the last few months. Exports to the EU have been impacted by the ongoing Ukraine-Russia crisis and the withdrawal of the GSP benefits," Garodia said in a press release.

"South Asia situations remain grim as Bangladesh's economy suffers from the lowering global demand and Nepal and Sri Lanka reel under the debt crisis," he added.
Engineering products that have grown in popularity include industrial boilers, copper metal products, pumps and valves, IC engines, vehicle parts, air conditioning machinery, electrical machinery, and other construction machinery.

Iron and steel, iron and steel goods, nonferrous metals such as aluminium, zinc, nickel, lead, tin, and other products, industrial machinery for dairy, two and three-wheelers, auto tyres, hand tools, and bicycle parts were among the major engineering items that had negative growth.