Engineering exports to decline 20-30% in Q4
Exports of engineering goods, which accounts for 20% of the overall exports of the country, is likely to decline by 20-30% by the end of this fiscal in the backdrop of global financial crisis.
"We will see decline in the export of engineering goods from January and the decline can range anywhere from 20-30% for the sector in the Q4 period of the year,' Engineering Export Promotion Council (EEPC) chairman Rakesh Shah said. Though overall exports from the country have started declining in the backdrop of global credits crisis, the export of engineering goods will feel the heat a little later, he said. Exports will be down on several counts including lower demand. 'Besides demand decline, Indian companies have adopted caution in offering credit to the US and European countries,' Mr Shah said. US and Europe account for about 40% of India's total engineering exports.
Source: The Economic Times
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