India-Russia Trade Doubled in the Month of July, 122% Increase Compared to 2022
Despite weakening demand for engineering goods from major markets such as the United States and China, shipments to Russia more than doubled to US$ 123.65 million in July 2023 from US$ 55.65 million in July 2022, a 122.03 percent increase, according to a media release issued by EEPC India on August 23. Exports to Russia in July were worth US$ 123.65 million, more than Australia, which imported engineering goods worth US$ 115.14 million from India, a 5.7% decrease year on year.
During the same period, engineering exports to the United States fell 10.4% yearly to $1.44 billion. Engineering exports to China fell 10% year on year to US$197.98 million in July 2023.
Notably, engineering exports to Germany remained positive and grew 2% year-on-year to US$ 346.36 million in July this year even as the key European economy remained in the grip of a slowdown.
In July 2023, 14 of the 25 key markets for Indian engineering goods, which account for more than 76% of total exports, experienced year-on-year declines, while the remaining 11 countries experienced positive growth.
Positive year-on-year growth was observed in West Asia and North Africa (WANA), North East Asia, and CIS countries in July 2023. North America, ASEAN countries, EU countries, Sub-Saharan Africa, South Asia, Latin America, and Oceania will see a drop in exports in July 2023.
Overall, India's engineering exports fell by 6.62% in July 2023, to US$ 8.75 billion from US$ 9.37 billion in July 2022.