Indian engineering exports to China dropped nearly 50 per cent in October. Exports fell to $310 million against $612 million in October 2013, according to the Union Commerce Ministry’s Engineering Export Promotion Council of India (EEPC). As a result, India’s total engineering exports declined 9.36 per cent to $5.03 billion in October.
Total iron and steel exports shrank by 18 per cent to $704 million in October. India exported $858 million of iron and steel products in the same month last year, mainly to China.
“As the Euro zone and the EU battle the slowdown and on and off recession, the impact was evident on exports of Indian engineering goods to these markets.…the slowdown of the Chinese economy was clearly visible on India’s exports,” the EEPC said in a statement.
As per the EEPC India analysis, consignments to U.K. were down 29 per cent to $169 mn from $238 mn a year ago. Likewise, shipments to Italy at $127 million were 22 per cent lower than $163 million in October 2013. Exports of engineering items to Germany fell over four per cent to $163 million from $171 million.
