Auto exports slump 73% in May due to lockdown disruptions: EEPC India

| | Mumbai
  • 0

Auto exports slump 73% in May due to lockdown disruptions: EEPC India

Tuesday, 30 June 2020 | PTI | Mumbai

The auto exports plunged 73 per cent last month to $230.3 million (about Rs 1,736 crore) as compared to the year-ago period with shipments to key markets like the US and Mexico registering a sharp decline owing to supply-chain issues due to lockdown, EEPC India said on Monday.

The exports of auto components, too, suffered a major setback during the month with important markets including the US, Mexico, Germany and Japan reporting “de-growth in the range of 34-68 per cent”, the Engineering Exports Promotion Council (EEPC) India said in a release.

“COVID-19 public health crisis has taken a massive toll on exports of India’s automobiles in May 2020 with as much annualised erosion as 98 per cent and 65 per cent in shipments to key markets like the US and Mexico, respectively,” it said.

The exports to the US last month in value terms stood at a mere $1.37 million as against $79.82 million in the same month last year while shipments to Mexico dropped to $42.50 million from $122.98 million, the Council said.

“Supply chains broke down due to mobility restrictions and the wave of postponement of foreign orders in the sector led to such a massive drop in exports. Out of 33 engineering panels, 28 panels recorded negative growth in exports during May this year vis- à-vis May 2019,” EEPC India chairman Ravi Sehgal said.

In the April-May period of the ongoing financial year, the exports dropped by 83 per cent to $281.1 million from $1,632.7 million in the year-ago period, it said.

The total export of auto components and parts recorded 65.5 per cent decline at $163.2 million during May 2020 from $473.6 million exports in the same month last year, it said.

               

State Editions

Minimise coaching trains op, State urges Rlys

03 July 2020 | PNS | Bhubaneswar

Visit to Secretariat restricted

03 July 2020 | PNS | Bhubaneswar

IIPM holds 10-day yoga camp in city

03 July 2020 | PNS | Bhubaneswar

Online classes in varsities, colleges from July 13

03 July 2020 | PNS | Bhubaneswar

S Mishra takes over as Rotary Governor

03 July 2020 | PNS | Bhubaneswar

Rs 11L seized from K’put DAO car

03 July 2020 | PNS | Bhubaneswar

Sunday Edition

The norms of employee management

28 June 2020 | Vikram Ahuja | Agenda

Four must read books

28 June 2020 | Neha Yadav | Agenda

The mysterious tale of The Kelu Tree

28 June 2020 | Vijaydan Detha | Agenda

Astroturf | Don’t stigmatise eclipse

28 June 2020 | Bharat Bhushan Padmadeo | Agenda

Lights, camera, sanitiser & action

28 June 2020 | ASHISH ARYAN | Sunday Pioneer

Talktime : ‘I don’t want to typecast myself’

28 June 2020 | MUSBA HASHMI | Sunday Pioneer