Engineering goods exports declined by 1.8% year-on-year between April-November this year | Jobs Vox

New Delhi, December 24 (KNN) According to a report in The Hindu, India’s engineering exports declined by 1.8 per cent to $70.72 billion between April and November this year.

This is about 56 per cent of the USD 127 billion target set by the government for the sector’s exports in 2022-23.

As per reports, India’s engineering exports are likely to see lower orders in key markets including Europe and China.

Engineering exports to China fell 40 per cent year-on-year in November, though their overall moderation was only 0.3 per cent from November 2021 levels, and top engineering exporters body EEPC India expects the trend to continue amid COVID cases. Given the spike in that country with its ever-increasing and worsening real estate sector woes.

“Since the record post-Covid recovery in the last financial year, global demand has again shown a decelerating trend and is showing signs of distress,” The Hindu reported.

Arun Kumar Garodia, President, EEPC India, said demand in the European region remained weak mainly due to higher energy prices and lower manufacturing activity.

While the recent withdrawal of export duty on select steel items is likely to revive iron and steel exports in the coming months, Garodia said the exporting community is hopeful that the US Federal Reserve’s monetary tightening policy will affect not only the US will affect interest-sensitive spending in but everywhere. (KNN Bureau)