Engineering exports slump 16% to $5.8 bn in December

Engineering exports, slipped 16 per cent to $5.8 billion in December due to slowing global demand. The figure for December 2014 was $6.9 billion, according to Commerce Ministry data. The overall exports of India contracted 15 per cent in December 2015 to $22.2 billion. The exports are in fall since December last year due to a global demand slowdown and drop in prices of commodities. Traders are apprehensive that the recent devaluation of the Chinese currency would also impact engineering exports. EEPC said that going by the current trend, the sector's exports for the current fiscal would come in much lower than the previous fiscal's $73 billion.