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Engineering exports decline 8% in Sept

New Delhi, Oct 17 (PTI): India's engineering exports dropped by 8.2 per cent year-on-year to $4.4 billion in September 2012 due to sluggish demand in major markets such as the US and Europe.

In September last year, these exports added up to $4.8 billion, according to data released by the Engineering Export Promotion Council (EEPC).

“The exporters are getting lesser number of orders due to weak demand in western markets like the US and Europe,” an EEPC official said.

Given the present slowdown, this trend is expected to continue for at least for another two months, he added.

The US and Europe together account for over 60 per cent of India's total engineering exports.

During April-September 2012-13, engineering exports dipped 10 per cent to $27.8 billion compared to the same period last year.

India exports engineering items such as transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.

During 2011-12, the country's engineering exports grew 17 per cent to $59 billion compared to $49.7 billion in the previous fiscal.

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