India’s Engineering goods exports to Russia 2x in 2023

 Engineering goods are the most important exports of India. Over the years, India's engineering goods market has seen tremendous growth. According to India import export data reports, the overall exports of India's engineering goods recorded to be $28.87 billion dollars during the financial year 2023. This includes optical, medical instruments, clocks, watches, musical instruments parts, etc.

During this period, India’s biggest markets for India’s engineering goods exports were France, Turkey, Germany, United States and Russia. Especially across Russia, India’s engineering goods exports doubled during 2023. As per Russia import data, Russia alone was responsible for $1.22 billion worth of engineering goods imports from India during last fiscal year.

These include various precision instruments like optical, photographic, medical, surgical instruments. India’s overall optical, medical instruments exports were recorded to be $2.4 billion in 2023. Whereas, during January 2024, India's engineering goods exports recorded to be $297 million. In January, the United States was the biggest importer with $43 million worth of engineering goods imports from India. 

Along with the United Arab Emirates ($22 Million), China ($155 Million), Germany ($154 Million) and the United Kingdom ($13 Million) were other prominent markets for India's engineering goods exports. Whereas, across Russia, around 8 million worth of precision instruments exports were made in January 2024. 

In February 2024, India's engineering goods exports saw a tender increase. India export data shows that around $315 million worth of engineering goods exports were recorded in February month. The United States, United Arab Emirates, Germany and France were the biggest markets for India's engineering goods exports.

Again, exports to Russia further increased in February 2024. Russia’s engineering goods imports from India recorded to be $ 9 million in february. The top precision goods export companies from India were Merillife, Philips Global and Wipro Ge Healthcare with the maximum number of shipments this year. 

On the other hand, India's clocks and watches exports were $20 million during fiscal year 2023. Switzerland was the top clock and watches importer from India along with the United Arab Emirates, Malaysia, United States and Hong Kong. Whereas, musical instruments exports from India crossed over $6.5 million in 2023. The top destinations for India’s musical instruments exports were Germany, United States, United Arab Emirates and China.

In terms of engineering goods imports, India's total imports were around $10.534 billion in fiscal year 2023. As per India import data, China and the United States were the biggest buyers with $2.2 Billion and $1.8 Billion respectively. Among the fastest growing markets for India’s engineering goods exports were Germany, Japan and Singapore.

India's engineering goods exports are forecasted to see positive growth this year. Buyers from Australia and Russia are continuously approaching Indian companies for engineering goods. Through global import export data providers, companies could discover genuine engineering goods buyers from all around the world. 

Also, companies could find top exported engineering goods, price, quantity, competitors, importers and exporters list. An import export data is the most cost efficient way to approach your engineering goods exports across international markets. It could lend companies genuine business leads and generate more ROI.