SME Times is powered by   
Search News
Just in:   • PSBs disbursed Rs 82K cr retail loans in 9 days: Sitharaman  • J&K reorganization to promote inclusive growth: Naidu  • Credit crunch  • BSNL staff to get salary before Diwali: PurwarBSNL staff to get salary before Diwali: Purwar  • Sensex up 167 points, auto and banks gainSensex up 167 points, auto and banks gain 
Last updated: 04 Sep, 2019  

EEPC Logo THMB Amid slump in domestic sales, auto exports hit in July: Report

Car.9.jpg
   Top Stories
» PSBs disbursed Rs 82K cr retail loans in 9 days: Sitharaman
» J&K reorganization to promote inclusive growth: Naidu
» All key reforms in last 5 yrs, claims FM
» Focus on demand rather than on deficits: Nobel laureate Banerjee
» GeM can become India's Amazon: Commerce Minister
SME Times News Bureau | 04 Sep, 2019

Already grappling with a consumption slowdown, the Indian automobile sector's exports have also taken a hit in July, an industry analysis showed on Wednesday.

According to the Engineering Export Promotion Council (EEPC) of India analysis, the export market for auto manufacturers, along with their component vendors, has been depressed, in-sync with other key engineering export items from the country.

The exports of automobile sector, comprising of "motor vehicles, two or three wheelers and auto parts and components" showed a decline of 3.82 per cent in July 2019 over the same month last year.

Besides, the aggregate exports from these three segments dropped on a year-on-year basis from $1.33 billion to $1.28 billion for the month under review.

Commenting on the trend, EEPC India Chairman Ravi Sehgal said: "In a way, the auto makers face a double whammy. Exports too are laggards even as the fall in the domestic market is reported to be quite sharp. It is time to take immediate measures like faster refund of state and central taxes. Besides, steel availability at international prices would be crucial to make automobile exporters competitive."

"There is a strong connect between manufacturing and export of engineering goods. As per the overall GDP data for the first quarter of the current fiscal, manufacturing could barely keep its head above water with 0.6 per cent growth. But engineering exports during the same period slipped badly and fell by 1.86 per cent."

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 15 Oct, 2019
  Daily Poll
Is the Union Budget 2019 MSME-friendly?
 Yes
 No
 Can't say
  Commented Stories
» Collateral free loans available for MSMEs: Minister(2)
» Credit off-take by banks slows to 8.8 pc: RBI data(1)
» Slowing economy needs a boost(1)
» BSE suspends Fairwealth Securities from cash equity segment(1)
» Appoint distributors, expand your business(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter