SME Times is powered by   
Search News
Just in:   • Petrol-diesel price gap decrease to hasten shift to petrol PVs: ICRA  • EU predicts 'deeper recession' in 2020 than expected  • Banks' cyber risks rise as Covid spurs digital trends: Moody's  • US dollar gains amid coronavirus worries  • US stocks drop amid coronavirus concerns 
Last updated: 29 Jun, 2020  

Auto Components THMB Auto parts exports slump in May

   Top Stories
» Liquidity to MSMEs rises as ECLGS loans cross 1.14 lakh cr
» NITI CEO sees green shoots in economy
» India up in real estate transparency index
» Gadkari chairs the Group on Infrastructure meeting
» 70% startups hit hard by Covid-19: Survey
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."
Print the Page
Add to Favorite
Share this on :

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

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 08 Jul, 2020
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» Pain points for MSMEs(3)
» Starting an import export business: Basic guide for beginners(2)
» UP govt to change lives of migrants: MSME Principal Secy(2)
» China's forex reserves reach USD 2.85 trillion(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter