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Auto parts exports slump in May
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SME Times News Bureau | 29 Jun, 2020
Covid-19's global outbreak has heavily dented India's auto component
exports during May 2020, an analysis by EEPC India said on Monday.
Total
auto component and parts exports recorded 65.5 per cent negative growth
during May 2020, as exports fell to $163.2 million in May from $473.6
million during the corresponding month of 2019.
"In cumulative
terms too, the sector dipped by 77.8 per cent from $885.6 million in
April-May 2019-20 to $196.3 million in April-May 2020-21," the analysis
report said.
"The automobile sector experienced drop in exports
by 73 per cent from $852.3 million in May 2019 to $230.3 million in May
2020."
In cumulative terms, the analysis showed that the sector
dropped by 83 per cent from $1,632.7 million in April-May 2019-20 to
$281.1 million in April-May 2020-21.
"Automobiles exports to the
US nosedived by 98 per cent to mere $1.37 million in May 2020 from
$79.82 million in the same month last year," the report said.
"Likewise,
shipments to Mexico, another important market for Indian automobiles,
dropped by over 65 per cent to $42.50 million from $122.98 million."
However,
the US remained the top importer of auto components in April-May 2020
with a share of 22.33 per cent followed by Turkey, Germany, Japan and
Mexico.
"Supply chains broke down due to mobility restrictions
and wave of postponement of foreign orders in the sector led to such
massive drop in exports," EEPC India Chairman Ravi Sehgal said.
"Out of 33 engineering panels, 28 panels recorded negative growth in exports during May 2020 vis-a-vis May 2019."
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| 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 08 Jul, 2020 |
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