Steep fall in India's engineering exports to China

Tuesday 09th December 2014 04:12 EST

India's engineering exports to China fell by nearly 50 per cent to $310 million in October, hit by slowdown in the Chinese economy, the Engineering Export Promotion Council (EEPC) India said.

India exported engineering goods to China worth $612 million in the same month last year. "While there is a contention that China's slowdown may not pinch us, it is clearly doing so as it also happens to be one of our main markets for exports," EEPC chairman Anupam Shah said in a statement.

"For instance, the total export of iron and steel, which mainly go to China, went down by 18 per cent to $704 million in October 2014 from $ 858 million a year ago," EEPC added. Problems in western Europe also had a "biting impact" on Indian shipments of the engineering goods, the EEPC said.

Consignments to the UK were down 29 per cent to $169 million in October 2014 from $ 238 million a year ago, while shipments to Italy were down 22 per cent to $127 million from $163 million. Export of engineering items to Germany also went down by over 4 per cent to $163 million from $171 million, the statement said.

According to the EEPC, export of engineering products declined 9.36 per cent to $ 5.03 billion in October 2014 over October 2013. However, due to better showing in the previous months, the cumulative value of engineering exports recorded a positive growth of 18.46 per cent in the period April-October of the current fiscal over the same period last year, the statement added.

comments powered by Disqus

to the free, weekly Asian Voice email newsletter