The decline in engineering goods exports to major markets such as the US and China continued in May, according to the Indian engineering export promotion body, EEPC India. The trend is attributed to a steep drop in domestic demand and concerns over an impending economic recession. In contrast, shipments to Australia and the UAE increased. Cumulative engineering exports fell by 5.71% to $18.28bn in April-May 2023-24 from $19.39bn in the same period last fiscal. Steel remains the primary factor behind the decline, though other base metals have witnessed lesser demand. The goal of India’s government is to achieve $300bn in engineering exports by 2030.
Engineering Exports to US and China Show Continued Decline in May
Date:
Updated: [falahcoin_post_modified_date]
More like thisRelated
Revolutionary Small Business Exchange Network Connects Sellers and Buyers
Revolutionary SBEN connects small business sellers and buyers, transforming the way businesses are bought and sold in the U.S.
District 1 Commissioner Race Results Delayed by Recounts & Ballot Reviews, US
District 1 Commissioner Race in Orange County faces delays with recounts and ballot reviews. Find out who will come out on top in this close election.
Fed Minutes Hint at Potential Rate Cut in September amid Economic Uncertainty, US
Federal Reserve minutes suggest potential rate cut in September amid economic uncertainty. Find out more about the upcoming policy decisions.
Baltimore Orioles Host First-Ever ‘Faith Night’ with Players Sharing Testimonies, US
Experience the powerful testimonies of Baltimore Orioles players on their first-ever 'Faith Night.' Hear how their faith impacts their lives on and off the field.
