Engineering exports to Russia doubled till February in FY'24: EEPC

Kolkata, Mar 26 (PTI) India's engineering exports to Russia doubled to USD 1.22 billion till February during the 2023-24 fiscal, Engineering Export Promotion Council (EEPC) of India said on Tuesday.

The shipments to the country stood at USD 616.68 million in the previous fiscal, it said.

The exports to the US dipped seven per cent year-on-year to USD 15.95 billion during this period, EEPC said in a statement.

In case of China, engineering shipments to that country saw a marginal decline to USD 2.38 billion from USD 2.40 billion in the period under review, it said.

Exports to the UAE and Australia, with which India had signed an FTA, remained positive.

Till February, shipments to the UAE rose 16 per cent on-year to USD 5.22 billion, while those to Australia was higher by five per cent at USD 1.30 billion.

Cumulative engineering exports during April-February (2023-24) stood at USD 98.03 billion as against USD 96.84 billion in the corresponding period a year ago, the statement said.

“In the last few months, engineering exports from India have been on a steady growth path. The remarkable performance of the sector in the last three months made it possible for the cumulative exports to record high growth.

“As India's current economic performance stabilises, we are hopeful that with the positive turn of tide in global trade, India's exporting community will be able to lift exports to a new high,” EEPC India Chairman Arun Kumar Garodia said. PTI DC RBT