Exports of engineering goods from India to Russia have surged to more than double this year, reaching $1.236 billion in July. During the same period a year ago, it was only at the level of $556 million. According to figures released by the Engineering Export Promotion Council (EEPC) on Friday, in July this year, exports to the United States decreased by 10.4% to $1.44 billion.
Meanwhile, exports of engineering goods from the country to China decreased by 10% to $19.79 crore (1 crore = 10 million) in July. India contributes 76% to the total exports of engineering products among the top 25 countries worldwide. Out of these, there has been a decline in exports in July on an annual basis in 14 countries. According to the figures, last month the total exports of engineering goods from the country declined by 6.62% to $8.75 billion. One year ago, this figure was $9.37 billion.
In fact, a decline in exports has been recorded due to the global decrease in demand for iron, steel, and aluminum. According to EEPC India, observing the figures of export decline reveals a challenging global trade environment. During this period, Western Asia, Northern Africa, Northeast Asia, and CIS countries have witnessed positive growth in exports.
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