ENA Sectors 2024-06-12 16:13:34 <p><span style="font-size:14px"><strong>New Delhi, Jun 12 (KNN)</strong> The Indian tyre industry witnessed a robust recovery in export performance during the latter half of the 2023-24 fiscal year, according to data released today by the Automotive Tyre Manufacturers' Association (ATMA).</span></p> <p><span style="font-size:14px">Total tyre exports for the 12-month period ending March 31st stood at Rs 23,073 crore, matching the previous fiscal year's figure.</span></p> <p><span style="font-size:14px">However, exports faced significant headwinds in the first six months due to weakening demand in advanced economies, geopolitical tensions, and elevated inflationary pressures across global markets.</span></p> <p><span style="font-size:14px"> The sharp rebound in tyre exports during the second half, increasing 12 per cent year-over-year, underscores the resilience of India's tyre manufacturing sector amid challenging conditions, stated Arnab Banerjee, Chairman, ATMA.</span></p> <p><span style="font-size:14px">He cited the quality and value proposition of Indian tyres as key drivers fuelling robust overseas demand.</span></p> <p><span style="font-size:14px">With an annual turnover of approximately Rs 90,000 crore and exports exceeding Rs 23,000 crore, the Indian tyre industry maintains one of the highest export-to-turnover ratios across domestic manufacturing sectors.</span></p> <p><span style="font-size:14px">Indian tyres are currently exported to over 170 countries worldwide, including major markets like the United States and European Union.</span></p> <p><span style="font-size:14px">Looking ahead, ATMA emphasised that reviving global economic growth presents a significant opportunity for further export expansion.</span></p> <p><span style="font-size:14px">However, the association called for the removal of certain regulatory hurdles, particularly surrounding the importation of natural rubber - a key raw material facing domestic supply shortages.</span></p> <p><span style="font-size:14px">Specifically, ATMA urged restoring the export obligation period for natural rubber imports against tyre exports back to 18 months from the current 6-month window.</span></p> <p><span style="font-size:14px">The association argues the shorter timeframe constrains operations and hampers export competitiveness for tyre manufacturers highly dependent on imported rubber.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38178 https://knnindia.co.in/news/newsdetails/sectors/indian-tyre-exports-rebound-sharply-in-second-half-of-fiscal-year 2024-06-12 16:13:34 knnindia.co.in