Engineering exports drop 16% to $4.23 billion in July

New Delhi: India's engineering exports declined by 16 percent to USD 4.23 billion in July due to sluggish demand in western markets like the US and Europe.

In July last year, these exports stood at USD 5.04 billion, according to the data by Engineering Export Promotion Council (EEPC), which is under the Commerce Ministry.

"There is a weak demand in western markets like the US and Europe," an EEPC official said.

The US and Europe together account for over 60 percent of India's total engineering exports.

During April-July 2012-13, engineering exports dipped 9 percent to USD 18.6 billion compared to the same period last year.

Among the exportable items which registered a decline include iron and steel, aircrafts, spacecrafts and parts, ships and other construction machinery.

During 2011-12, the country's engineering exports grew 17 percent to USD 59 billion compared to USD 49.7 billion in the previous fiscal.

India exports engineering items such as transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.

Source : zeenews.india.com