India’s engineering exports to Iraq’s war-ravaged economy have taken a beating, slumping by annualised 54.30 per cent in May 2014 compared to the same month last year. The worsening situation is now almost halting shipments there, EEPC India said.
“There is a clear negative growth of our exports to Iraq. When the country is in the middle of war, it is understandable that the economic activity has gone in for complete disarray. Moreover, the engineering items are not of day-to-day use for the Iraqi people,” EEPC Chairman Anupam Shah said.
Engineering exports dropped to $9.14 million in May 2014 from $20 million a year ago. Exporters are losing their confidence in doing business in the entire region, the EEPC said.
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Iron and steel, electrical goods and automobiles have been the main items of export to Iraq from India.