Shrinking engineering exports to UAE, China led to overall dip in FY23

A contraction in shipments of engineering goods to key markets like the United Arab Emirates (UAE), Italy, Turkey, and China led to an overall decrement in engineering exports by 4.6 per cent in FY23.

The decline was a direct result of depressed global demand, especially in the metals sector.

As a consequence, the share of engineering goods in India’s merchandise exports during FY23 declined to 23.92 per cent as against 26.58 per cent in FY22.

“Despite lower exports in 2022-23, engineering exports surpassed the predicted value of $105.82 billion set by the government of India for 2022-23. Geopolitical