Passenger cars pace up in export markets, contrary to domestic sales
Updated: Jun 12, 2014 04:15:46pm
New Delhi, Jun 12 (KNN) In direct contrast to the domestic market where passenger car production has dropped considerably, recording a double digit drop in some months , India’s export of automobile and auto parts including passenger cars showed a remarkable growth.
“Unlike the domestic market where passenger car production has been moving in slower gear and recorded a double digit drop in some earlier months , India’s exports of automobile and auto parts including passenger cars, two and three-wheelers showed a remarkable pace-up as per the latest disaggregated data compiled by the EEPC India for April 2014,” said an EEPC release.
In April 2014 there was an annual growth of close to 25 per cent, according to latest disaggregate data available with the apex body of engineering exporters. Though the sales number for May have come about, the break-down will come after a lag, it said.
Export shipments of passenger cars alone during April 2014 increased by an impressive 23.13 per cent to USD 444 million from USD 358 million in the same month last year, bringing in some consolation for the manufacturers who are facing tormenting times back home, EEPC Chairman Anupam Shah said.
Contrary to the overseas shipments, the overall passenger cars sales witnessed a drop of over 10 per cent in April 2014 over the comparable period of the previous year, mainly due to a big fall in the domestic sales. This is despite the fact that the excise duty on the segment was cut on different variants and models in the interim Budget presented by the previous UPA Government.
The other two segments –two/three wheelers and auto components too recorded impressive gains in the export market; while the two/three wheelers saw a growth of 27 per cent, and auto components by 26 per cent.
“We need to build on the exports and make it a trend , rather than one-off event by devising a smart strategy. The good thing is that the new government…is committed to giving a priority to manufacturing,” the EEPC Chairman said.
The other engineering exports related to the manufacturing - electrical machinery and industrial machinery also did well in April shipments.
Taking a comparison of India’s total merchandise exports vis-à-vis the engineering shipments also showed that the latter far exceeded the former in terms of growth. The total country’s exports in April 2014 amounted to USD 25.63 billion which was 5.26 per cent higher than the level of USD 24.35 billion April 2013.
On the other hand, the engineering exports stood at USD 5.45 billion for the month accounting for 21 per cent of India’s total exports as compared to USD 4.54 billion in April 2013, covering a share of 18.6 per cent in India’s total exports. Thus the engineering exports in April 2014 were up by 19.90 per cent vis-à-vis April 2013, though it experienced a fall from USD 6039.35 million in the previous month of March 2014 by 9.7 per cent. (KNN/ES)
“Unlike the domestic market where passenger car production has been moving in slower gear and recorded a double digit drop in some earlier months , India’s exports of automobile and auto parts including passenger cars, two and three-wheelers showed a remarkable pace-up as per the latest disaggregated data compiled by the EEPC India for April 2014,” said an EEPC release.
In April 2014 there was an annual growth of close to 25 per cent, according to latest disaggregate data available with the apex body of engineering exporters. Though the sales number for May have come about, the break-down will come after a lag, it said.
Export shipments of passenger cars alone during April 2014 increased by an impressive 23.13 per cent to USD 444 million from USD 358 million in the same month last year, bringing in some consolation for the manufacturers who are facing tormenting times back home, EEPC Chairman Anupam Shah said.
Contrary to the overseas shipments, the overall passenger cars sales witnessed a drop of over 10 per cent in April 2014 over the comparable period of the previous year, mainly due to a big fall in the domestic sales. This is despite the fact that the excise duty on the segment was cut on different variants and models in the interim Budget presented by the previous UPA Government.
The other two segments –two/three wheelers and auto components too recorded impressive gains in the export market; while the two/three wheelers saw a growth of 27 per cent, and auto components by 26 per cent.
“We need to build on the exports and make it a trend , rather than one-off event by devising a smart strategy. The good thing is that the new government…is committed to giving a priority to manufacturing,” the EEPC Chairman said.
The other engineering exports related to the manufacturing - electrical machinery and industrial machinery also did well in April shipments.
Taking a comparison of India’s total merchandise exports vis-à-vis the engineering shipments also showed that the latter far exceeded the former in terms of growth. The total country’s exports in April 2014 amounted to USD 25.63 billion which was 5.26 per cent higher than the level of USD 24.35 billion April 2013.
On the other hand, the engineering exports stood at USD 5.45 billion for the month accounting for 21 per cent of India’s total exports as compared to USD 4.54 billion in April 2013, covering a share of 18.6 per cent in India’s total exports. Thus the engineering exports in April 2014 were up by 19.90 per cent vis-à-vis April 2013, though it experienced a fall from USD 6039.35 million in the previous month of March 2014 by 9.7 per cent. (KNN/ES)
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