India automobile exports dip as demand from Africa, Latin America decline
Decline in demand in Africa and Latin America has resulted in automobile exports dip by as much as 2.44 lakh units. Exports from India to markets in...
Decline in demand in Africa and Latin America has resulted in automobile exports dip by as much as 2.44 lakh units. Exports from India to markets in Africa and Latin America dipped 15.87% during April 2016.
Society of India Automobile Manufacturers (SIAM) noted exports to the extent of 2.44 lakh units in the past month as compared to exports of 2.90 lakh units in April 2015.
Exports over the first three months of 2016 saw marginal increase. In January, exports grew by 3.8%, in February exports increased just 0.95% while exports increased 6.53% in March 2016. Three wheeler exports to these countries were down 61.86% in April 2016. While in April, 2015 47,548 units were exported, April 2016 saw exports of just 18,135 three wheelers.
Two wheeler exports also dipped 10.8% to 1,65,456 units as against exports of 1,85,480 units in April 2015. Motorcycle exports fell 15.28% while scooter exports grew by 71.09% during the past month.
Exports of commercial vehicles also dipped by 2.68% in April 2016 with just 6,826 units exports while passenger vehicle exports increased 6.6% to 53,651 units. Passenger car exports stood at 43,758 units, up 2.27% while exports of utility vehicles also increased 30.05% with 9,708 units exported during the month.
Besides in the automobile sector, exports across each segment have diminished primarily due to challenges being faced by both African and Latin American markets. The downward spiral of crude prices, currencies hit by inflation and dip in purchasing power has all adversely impacted exports to these countries.
This article has first appeared in Rushlane.com