Categories: Business

Vehicle exports fell 73 percent in May due to lockdown, significant drop in US and Mexico


Auto exports slump 73Pc in May due to lockdown, says EEPC India

new Delhi. The Engineering Export Promotion Council (EEPC) said that vehicle exports were down by 73 percent to $ 23.03 million (Rs 1,736 crore) from the same month last year. Markets such as the US and Mexico have reported a significant decline in exports due to supply-related issues due to the lockdown. The EEPC said in a release that the export of auto components also remained down during the month.

Important markets such as the US, Mexico, Germany and Japan lost 34 to 68 percent. The statement said that the Kovid-19 health crisis had a significant adverse effect on the country's vehicle exports in May 2020. It was down 98 percent year-on-year while exports to major markets like the US and Mexico declined by 65 percent. According to the Council, exports to the US last month stood at $ 13.7 million, compared to $ 7.982 million in the same month last year.

At the same time, exports to Mexico stood at $ 4.25 million, which was $ 12.298 million in the same month a year ago. EEPC India chairman Ravi Sehgal said that the restriction on movement affected the supply system badly. In addition, orders from abroad were largely canceled due to the epidemic. In May 2020, there was a decline in growth of 28 out of total 33 engineering panels as compared to the same month of the previous year.

According to the statement, during April-May in the current financial year, exports fell by 83 percent to $ 28.11 million, compared to $ 163.27 million in the same period a year ago. On the other hand, vehicle components exports declined 65.5 percent to $ 1632 million in May 2020, from $ 47.36 million in the same month a year ago. According to the statement, during April-May 2020, exports fell by 77.8 percent to $ 19.63 million. Earlier, it was $ 88.56 million in the same period of the financial year.

This post was published on June 30, 2020 1:23 pm

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