India's engineering goods exports grow 0.2 pct in July

NEW DELHI, Aug. 23 (Xinhua) -- India's exports of engineering goods grew marginally by 0.20 percent in July, compared to the same month last year, as a weak demand was witnessed from the European Union and China, said a statement from the Engineering Export Promotion Council (EEPC) India on Tuesday.

Besides, an increased export duty on steel items was also among the factors decelerating India's engineering goods exports in July, added the statement.

The country's engineering goods exports were estimated at 9.56 billion U.S. dollars in July, as compared to 9.55 billion U.S. dollars in July 2021.

The EEPC India compiled data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S) and quick estimates published by the government of India.

Engineering exports growth in July remained in positive territory but recorded the sharpest deceleration in the last four months of the current fiscal year, added the statement.

The United States remained the top importer of Indian engineering goods in July, recording a 21 percent growth to 1.64 billion U.S. dollars, as compared to 1.36 billion U.S. dollars in the same month last year.

Engineering exports to the United Arab Emirates (UAE) declined by 14.5 percent in July to 445.6 million U.S. dollars, said the statement.

Commenting on the latest data on engineering goods' exports, EEPC India Chairman Mahesh Desai said that it was not the global factors alone that adversely affected India's exports in July.

The export duty imposed on steel items, especially stainless-steel products, has impacted India's export competitiveness in the global market, and the current data indicates that in July alone, India's iron and steel exports fell by 56.1 percent in year-on-year terms, Desai said.