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Engineering shipments to China drop 40% in November, further blow to exporters | Jobs Vox

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After contracting for five consecutive months, India’s engineering exports, which account for nearly a quarter of its total merchandise exports, are likely to see fewer orders in key markets including Europe and China.

Engineering exports to China fell 40% year-on-year in November, although their overall moderation was only 0.3% from November 2021 levels, and top engineering exporters body EEPC India expects this trend to accelerate with a spike in COVID cases in that country. Will continue to With its ever-increasing and worsening real estate sector crisis.

Cumulatively, engineering exports have declined by 1.8% to $70.72 billion between April and November this year, about 56% of the $127 billion target set by the government for the sector’s exports in 2022-23, but China Shipments have declined. A whopping 58.2% to $1.74 billion over the same period.

“After the record post-Covid recovery in the last financial year, global demand has again shown a declining trend and signs of distress in the current financial year. Arun Kumar Garodia, President, EEPC India said, “Demand in the European region remains 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, Mr. Garodia said the exporting community is hopeful that the monetary tightening policy of the US Federal Reserve will not only Will affect interest-sensitive spending. America but around the world.

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