May automobile exports drop 2.7%
Sri Lanka, <g data-gr-id="42">Italy</g> 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 on Wednesday said.
The Engineering Export Promotion Council (EEPC) said automobile exports to Sri Lanka jumped nearly four-fold to $56.54 million in May from $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 <g data-gr-id="24">per cent</g> to $18.59 million in May.
Italy reported a 37.44 per cent increase in exports at $14.82 million during the month under review while consignment to Spain went up 10.15 <g data-gr-id="18">per cent</g> to $17.49 million, it added. In contrast, Mexico, a major destination for India’s automobile exports, reported a decline of 35 <g data-gr-id="19">per cent</g> to $47.78 million. Similarly, shipments to the UK slumped by over 32 <g data-gr-id="20">per cent</g>.
Algeria, too, recorded a decline of 21.93 <g data-gr-id="21">per cent</g>, EEPC added. “In all, automobile exports dropped 2.70 <g data-gr-id="22">per cent</g> to $512 million in May from $526 million a year ago,” it said. Passenger car exports from India shrank 1.66 <g data-gr-id="23">per cent</g> to 5,42,082 units in 2014-15 due to challenges in traditional overseas markets like Europe and Algeria.
Sonalika to bring Belarus tractors back into India
Tractor maker Sonalika Group has inked a pact with Minsk Tractor Works to re-launch their Belarus range of tractors in India. As part of the recent Indian Presidential delegation to Belarus, Sonalika concluded and signed a mutual cooperation agreement with Minsk Tractor Works (MTW), Sonalika Group said. Sonalika will introduce Belarus tractor range in India and sell its products outside India through the network of Minsk Tractor Works, it added.