The United States is the top export destination for Indian engineering products in May
Kolkata, June 24 (KNN) In May 2022, the United States was the top export destination for engineering products from India, according to India’s Engineering Export Promotion Council (EEPC).
India’s engineering goods export body said there was a 52% year-on-year drop in shipments to China.
Positive growth was recorded by no less than 18 of the top 25 markets for Indian engineering goods last month.
India’s total engineering exports stood at $9.79 billion in May from $8.62 billion a year ago, registering a rise of 13.5 percent, the EEPC said.
The council said that according to export data for iron and steel and its products, they rose 16% in May to $2.63 billion from $2.26 billion.
The export trend of metals and non-ferrous products was also positive in May, with total exports rising 21 percent year-on-year to $1.31 billion, he added.
Shipments to the United States jumped 63.2% year-on-year to $1.81 billion in May from $1.11 billion in the corresponding month a year earlier. Other countries that recorded positive import growth from India in May included Germany, Singapore, UK, Italy and Thailand.
China posted a 52% drop in May to $217.4 million from $451.7 million in the same month last year, the export body said.
However, EEPC expressed concern over the Russian-Ukrainian war which has severely hampered shipments to CIS countries and could have a ripple effect on the global economy. (KNN Office)