Mexico has emerged as the top destination for India's automobile exports during April-July period, accounting for 18 per cent of the total outbound shipments, EEPC on Monday said.
Engineering Exports Promotion Council (EEPC) said that this makes a compelling case for the Indian engineering exporters to further push their products into the growing South American markets. Of the total automobile exports of $2.78 billion between April and July this fiscal, $501 million worth of automobiles were shipped to Mexico, it said adding that the Latin American country was followed by Nepal and the UK. "Mexico has emerged as the top destination for automobile exports. The exports to Mexico saw a phenomenal rise of 110 per cent," it said in a statement. EEPC also said that auto exports to Mexico were not constrained by the vast distance that the shipments have to cover.
However, it added that for automobile components, the US remained the top destination, followed by Turkey. Total exports of Indian automobile components aggregated to $1.48 billion during April-July 2016, an increase of 4.54 per cent on annualized basis. Automobiles and automobiles components form a major part of India's overall engineering exports and are among the few sectors showing positive trend this fiscal.