US Continues to be Top Importer of Auto Components from India
Turkey was the second largest auto component importer from India with shipments of about USD 100 million in the first quarter of 2018-19.
Image used for representative purpose. (Photo: Reuters)
The US imported USD 290 million worth of auto components from India in April-June, a growth of 23.8 percent on yearly basis, to retain its position as the top buyer of Indian auto parts, according to an analysis by EEPC. Turkey was the second largest auto component importer from India with shipments of about USD 100 million in the first quarter of 2018-19, a year-on-year growth of 28.36 percent.
Bangladesh, Brazil and Germany were the other major importers of Indian auto components with aggregate shipments of USD 80 million, USD 72 million and USD 61 million respectively for the period. Bangladesh showed the maximum growth of over 53 percent in auto parts imports during April-June.
"We had seen some concerns amongst the stock investors as regards Indian auto exporters after tariff and counter-tariff issues cropped up among two major economies, but performance of our auto component exporters has been quite good.
Close to 24 percent growth in auto components exports to the US does not reflect any trade war impact," EEPC India Chairman Ravi Sehgal said. Though low in scale, Indian auto component makers have found an expanding market in Romania, Japan, Vietnam and Colombia."This shows a quality of enterprise on the part of our exporters," the engineering export organisation' chairman said.
Cumulative engineering exports during the first quarter (April- June) of 2018-19 stood at USD 20.47 billion as against USD 17.65 billion during the same quarter last fiscal, recording 15.96 percent growth year-on-year, EEPC India said.
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