For automobile exports from India Mexico is the top destination. A massive growth of 110 percent has seen Exports to Mexico. The increase in Nepal Imports was even more at 120 percent for the interval and the exports to the UK saw an increase of 22 percent.
At Expo National Ferretera 2016 in Guadalajara (Mexico), The EEPC India is arranging the India Pavilion this week. According to April-July data, EEPC India has done a study which the findings were that US exports of the automobile components took the major share of the market
In April-July 2016, amongst the total automobile exports of $2.78 billion, $501 million were sent to Mexico, with Nepal trailing behind at $157 million and the UK at $130 million.
By a vast distance, Auto exports to Mexico were not constrained that our shipments have to cover. India’s total automobile exports, Mexico has come to account for as much as 18 percent. This is important, said by T S Bhasin who is the chairman of the EEPC.
In April-July 2015 Engineering exports were $21.52 billion and in the same period this year fell by 5.82% to $20.27 billion. However, in total automobile exports, an increase of 4% was seen.
As per an analysis by EEPC India which showed that although exports to Sri Lanka, South Africa and Bangladesh decreased but they remained major markets for the auto exports. They paid for $158 thousand, $151 thousand and Bangladesh $102 thousand respectively.
The US still is a main export market with exports at $345million and next is Turkey with $116 million in automobile components. By over 8% and to Turkey by 1.30% Shipments to the US grew. In April-July 2016, World export of Indian automobile components summed to $1.48 bill showing a growth of 4.54%.
This year, automobiles and automobile components make a large chunk of India’s total engineering exports and show positive growth.
To have a stronger presence in South America, major IT and pharmaceutical firms of India like TCS, Infosys, Wipro, Sun Pharma and Dr Reddy’s Labs have set up their offices in Mexico, said by Bhasin.
