I read just today in Science that the US is cranking out something to the sound of 130,000 [137,000] engineers every year. Now this is BS level, not PhD level. Given the same standard of four year education, China is doing about double [351,000], and India [112,000] is just behind the US. However, in the case of China anyway, [while those from top tier universities are solid engineers] most are considered sub par. This was from a Jan 08 issue, I'll go back and check the reference and edit as appropriate.
[Xin, H., Normile, D. "Engineers Aim for a Quality Boost." Science. January 11, 2008. p150. (inset)]