Engineering Exports Slide 21.3% To $7.4 Bn In Oct| MENAFN.COM

Saturday, 03 December 2022 01:43 GMT

Engineering Exports Slide 21.3% To $7.4 Bn In Oct


(MENAFN- KNN India) Engineering exports slide 21.3% to $7.4 bn in Oct

Hyderabad, Nov 25 (KNN) Total exports from the engineering sector declined by 21.3% to USD 7.4 billion during last month as compared to USD 9.4 billion in October, 2021.

According to EEPC India, it is the fourth consecutive month that exports have declined on a year-on-year basis.

Witnessing the greatest dip among the 25 destinations that contribute to about 75% of the total engineering exports with regard to China it fell by 64% to USD 227.8 million.

Shipments to the European Union (EU) were 23% less at USD 1.26 billion, while exports to North America fell 10.7% to USD 1.66 billion.

The continuous decline in engineering exports were also due to the domestic as well as global constraints.

With the 2022-23 target set by the Centre at USD 127 billion, the April-October target on a pro-rata basis works out to USD 74.1 billion.

However, for the seven months ended October, exports clocked USD 62.50 billion. On a year-on-year basis, this was 2.2% less. (KNN Bureau)

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