labels: Economy - general
India's engineering exports down 22 per cent in May news
24 July 2009

Export of engineering goods from the country dropped around 22 per cent to $2.8 billion in May from $3.6 billion in the same month of the previous year.

However, the extend of the decline has been limited despite week demand in major global markets like the US and Europe, the EEPC said in a release.

Engineering exports from the country were down 26 per cent in April 2009, according to EEPC data. Exporters, however, do not expect any immediate recovery in demand in the importing countries.

Reports quoting EEPC chairman Aman Chadha said the exporters have booked orders till March but not many orders have been renewed.

The government is pushing a new strategy of incentivising exports to non-traditional destinations even as exporters are pinning hopes on revival of demand in the major traditional markets.

While the union budget has promised many things, EEPC said the exporters are still left with export taxes.

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India's engineering exports down 22 per cent in May