India’s automobile exports to Sri Lanka up 400% in May
India’s automobile exports to Sri Lanka have increased four times and crossed $56 million in May this year compared to the same period figure last year. The country’s total automobile exports to Sri Lanka were worth $56.54 million in May this year, almost four times higher than $14.58 million registered during the same month a year ago, the Engineering Export Promotion Council (EEPC) has said. Other major destinations of Indian automobile exports included the UAE, Italy and Spain, a report said citing EEPC. The country’s shipment to UAE reached $18.59 million last month, registering an increase of 8.58% from the same month last year. Indian automobile exports to Italy were valued at $14.82 million in May this year, up by more than 37% from that of the same period a year ago. At the same time, export to Spain grew by over 10% to $17.49 million, the EEPC said. However, the overall auto exports from India witnessed a fall of 2.70% from $526 million in May last year to worth $512 million in May this year. The engineering exporters’ body said that the export of passenger cars from India reduced 1.66% in the last financial year due to various challenges in European markets. Among India’s major auto export destinations, shipment to Mexico declined by 35%, while the UK and Algeria recorded a fall of 32% and 22% respectively. According to the latest report of the Society of Indian Automobile Manufacturers (SIAM) released earlier this month, India’s automobile exports grew by 5.73% during April-May this year compared to the same period last year. During the first two months of the current financial year, the export in passenger vehicle and commercial vehicle segments recorded a growth of 13.64% and 26.48% respectively. The shipment of three-wheelers increased by 51.89% but that of two-wheelers reduced 3.04% during that period.
June 25, 2015 | 4:28 pm IST.