Auto exports to Sri Lanka jump four-fold in May: EEPC

Sri Lanka, Italy and Spain provided traction to India's automobile exports while Mexico, the UK, Algeria and Bangladesh witnessed a major slowdown in shipments in May, engineering exporters' body EEPC today said.
The Engineering Export Promotion Council (EEPC) said automobile exports to Sri Lanka jumped nearly four-fold to USD 56.54 million in May from USD 14.58 million in the same month last year.
The UAE also helped auto exports maintain momentum, it said, adding that shipments to this country grew 8.58 per cent to USD 18.59 million in May.
Italy reported a 37.44 per cent increase in exports at USD 14.82 million during the month under review while consignment to Spain went up 10.15 per cent to USD 17.49 million, it added.

In contrast, Mexico, a major destination for India's automobile exports, reported a decline of 35 per cent to USD 47.78 million. Similarly, shipments to the UK slumped by over 32 per cent.
Algeria, too, recorded a decline of 21.93 per cent, EEPC added.
"In all, automobile exports dropped 2.70 per cent to USD 512 million in May from USD 526 million a year ago," it said.
Passenger car exports from India shrank 1.66 per cent to 5,42,082 units in 2014-15 due to challenges in traditional overseas markets like Europe and Algeria.