In April-May duration of the ongoing fiscal year, the exports dropped by 83 percent to $2811 million from $1,6327 million in the year ago duration, it stated
The vehicle exports plunged 73 percent last month to $2303 million (about Rs 1,736 crore) as compared to the year-ago period with deliveries to essential markets like the US and Mexico signing up a sharp decrease owing to supply-chain issues due to lockdown, EEPC India said on Monday.
The exports of car elements too suffered a significant problem during the month with important markets including the United States, Mexico, Germany, and Japan reporting “de-growth in the series of 34-68 percent,” the Engineering Exports Promo Council (EEPC) India said in a release.
” Covid-19 public health crisis has taken a huge toll on exports of India’s vehicles in May 2020 with as much annualised disintegration as 98 percent and 65 per cent in shipments to crucial markets like the United States and Mexico, respectively,” it said.
The exports to the US last month in worth terms stood at a simple $1.82 million in the exact same month last year while shipments to Mexico dropped to $4298 million, the Council stated.
” Supply chains broke down due to movement restrictions and wave of postponement of foreign orders in the sector led to such enormous drop in exports. Out of 33 engineering panels, 28 panels tape-recorded negative growth in exports throughout May this year vis- -vis May 2019,” EEPC India Chairman Ravi Sehgal stated.
In April-May duration of the ongoing fiscal year, the exports dropped by 83 per cent to $2811 million from $1,6327 million in the year ago duration, it stated.
The overall export of automobile parts and parts recorded 65.5 percent decline at $1632 million throughout May 2020 from $4736 million exports in the very same month last year, it said. In April-May duration, the export plunged 77.8 per cent to $1963 million from $8856 million in the exact same period of the previous financial.
Nevertheless, the United States remained the leading importer of vehicle parts in April-May 2020 with a share of 22.33 per cent followed by Turkey, Germany, Japan and Mexico with a share of 8.30 per cent, 6.89 per cent, 4.34 percent and 3.79 percent, respectively, EEPC stated.