New Delhi, Mar 13 (KNN) India's tractor exports witnessed a revival in February after reporting degrowth for a year, even as domestic sales touched a four-year low.

As per data from the Tractor and Mechanisation Association (TMA), total tractor exports reached 8,487 units last month. This figure represents a 16 per cent year-on-year increase compared to February 2023 and an 18 per cent increase compared to January 2024.

Key export destinations for Indian tractor manufacturers include the SAARC region and Africa. Notably, Sonalika Tractors, a leading exporter, distributes its products globally.

Meanwhile, Mahindra & Mahindra, a major player in the domestic market, has identified the US as its second-largest market after India, alongside exports to SAARC nations and Africa.

"While Sri Lanka is recovering from an economic crisis, Nepal is also rebounding from a slowdown phase, driving export growth," stated an industry representative.

Sonalika Tractors reported a significant 30 per cent growth in exports in February, solidifying its position as a major contributor to India's tractor exports. The company now holds over a third (35 per cent) of the market share, up from 28 per cent a year ago. Over the fiscal year's 11-month period, Sonalika Tractors exported 30,489 units.

Similarly, Mahindra & Mahindra recorded a notable 32 per cent increase in tractor exports in February. However, their total exports for the fiscal year's 11 months amounted to 12,112 units, down from the previous year.

Looking ahead, Mahindra & Mahindra aims to expand its export footprint with the introduction of its new tractor series, Oja, in various international markets, including North America, ASEAN, Brazil, Australia, South Africa, Europe, and the SAARC region.

In contrast, domestic tractor sales experienced a decline, with 43,277 units sold in February compared to 62,367 units in the same period last year. Total tractor production also saw a decrease, standing at 71,607 units in February compared to 82,874 units a year ago. Over the fiscal year's 11 months, domestic tractor sales totalled 8.03 lakh units, down from 8.62 lakh units in the previous year.

(KNN Bureau)