Auto Component Export

Commerce and Industry Minister Piyush Goyal has said India's merchandise exports have reached almost USD 390 billion as of March 14 and will cross USD 400 billion in the current financial year. He also said the auto components industry has, for the first time, recorded a trade surplus of USD 600 million. The minister urged automakers to buy local products and substitute imports. He said this while addressing an event of the automotive component sector on March 16 here. Goyal pointed out that India could no longer afford to be closed and protective but will have to open up domestic markets. Further, he asked the auto industry to invest more in R&D (research and development), especially e-mobility, set higher benchmarks for performance and aspire to take five Indian companies in top-50 global automotive suppliers club. "India's merchandise exports have reached almost USD 390 billion as of March 14 and will certainly cross USD 400 billion in the current fiscal," the commerce ministr

Automobile exports in the first half of 2021 achieved the highest performance in seven years despite difficulties in procurement automobile components due to Covid-19 outbreak

Top official at various auto component firms said exports, which anyways have been intrinsic to the overall strategy, will increase at a rapid pace over the next two to five years

Export of auto components from India continued to see a flat performance for the second consecutive year. Shipments grew at just one per cent during FY17 to $10.9 billion. The value of exports has stagnated in a small range of $10.8 billion and $11.2 billion for three consecutive years. Data released by the Automotive Component Manufacturers Association (ACMA) shows that exports grew at 0.8 per cent in FY17 against a decline of 3.7 per cent in FY16. Vinnie Mehta, director general at ACMA said export demand for components has been under pressure due to the slowdown in several global markets. "It is significant that our shipments did not decline," he said. India exports parts related to engine, transmission, steering, chassis, bumpers, rubber products, etc. Europe is India's biggest export market and accounts for 35 per cent of shipments. Asia and North America account for 27 and 26 per cent, respectively. Exports to Europe increased 2.6 per cent and the shipments to Asia rose by 4.6 ...