Mexico is India’s top destination for Export
Mexico is India’s top destination for Export :-According to EEPC India, Mexico has emerged as the top country for India’s automobile exports, making a compelling case for the Indian engineering exporters to further increase-up in the growing South American markets.
The data from EECP says
The EEPC India , which organized India Pavilion at Expo National Ferretera 2016 held in Guadalajara (Mexico) earlier this month, came up with the analysis which found that the United States occupied the highest rank for the outward shipments of the automobile components, according to the April-July data analysis by the engineering exports body EEPC India.
From the total automobile exports of $2.78 billion in April and July this fiscal, as many as $501 million were shipped to the Mexico, followed by Nepal at $157 million and the UK at $130 million.
Exports to the Mexico saw an impressive rise of 110 per cent while for Nepal, the increase was even more surprising at 120 per cent for the period under the review. For the UK exports, the rise was merely 22 percent.
Mr. Bhasin says
“Auto exports to Mexico were not affected by the vast distance that our shipments have to cover. Mexico came to account for about 18 percent of India’s total automobile exports and this is significant,” said T S Bhasin, chairman of the apex body of the engineering exporters.
While the total engineering exports for April-July 2016 period decreased by 5.82 percent to $20.27 billion from $21.52 billion in the same period fiscal period, the total growth of automobile exports increased by around four percent to $2.78 billion for the period under review.
Even as the shipments to destinations like Sri Lanka, South Africa, and Bangladesh fell, they still continue to remain important destinations for the auto exports accounting for about $158 million, $151 million and $102 million respectively, as showed by the EEPC India analysis.
US- Top destination for automobile components
For automobile components, the US remained the top destination, which was followed by Turkey with shipments at $345 million and $116 million. The exports to the US increased by eight per cent and Turkey by 1.30 per cent. Total global exports of the Indian automobile components aggregated to $1.48 billion during April-July 2016, growing by 4.54 per cent on the annualized basis.
Automobiles and the automobile components are a major part of India’s overall engineering exports and are among the few sectors which are showing positive trend in this fiscal year.