India’s automobile exports to Sri Lanka jump four-fold in May

Friday, 26 June 2015 01:27 - - {{hitsCtrl.values.hits}}

(PTI) NEW DELHI: Sri Lanka, Italy and Spain provided traction to India’s automobile exports while Mexico, the UK, Algeria and Bangladesh witnessed a major slowdown in shipments in May, engineering exporters’ body EEPC said on Wednesday.

The Engineering Export Promotion Council(EEPC) said automobile exports to Sri Lanka jumped nearly four-fold to $56.54 million in May from $14.58 million in the same month last year.

The UAE also helped auto exports maintain momentum, it said, adding that shipments to this country grew 8.58% to $18.59 million in May.

Italy reported a 37.44% increase in exports at $14.82 million during the month under review while consignment to Spain went up 10.15% to $17.49 million, it added.

In contrast, Mexico, a major destination for India’s automobile exports, reported a decline of 35% to $47.78 million. Similarly, shipments to the UK slumped by over 32%.

Algeria, too, recorded a decline of 21.93%, EEPC added.

“In all, automobile exports dropped 2.70% to $512 million in May from $526 million a year ago,” it said.

Passenger car exports from India shrank 1.66% to 5,42,082 units in 2014-15 due to challenges in traditional overseas markets like Europe and Algeria.