August Engineering exports plunge by 29.5% as China demand crashes by 38%

Sharp reduction in demand for base metals and commodities from China is impacting exports of India’s engineering products to the neighbouring country, an industry body said on Tuesday. 

The country’s engineering exports to China plunged by 38 <g data-gr-id="12">per cent</g> in August, while total outbound shipments of such items witnessed a fall of 29.5 <g data-gr-id="13">per cent</g> to $4.49 billion from $6.38 billion in the same month last year, EEPC said. These numbers are “negating the contention that India is somewhat decoupled from <g data-gr-id="14">slowdown</g> in China,” Engineering Export Promotion Council of India (EEPC) said in a statement. 

Engineering products, which have been hit hard by demand slowdown in China include steel, iron, non-ferrous metals, industrial machinery, auto components and bicycle parts. China once again recorded drop in exports by 43 per cent.