Even as domestic auto market is reeling under a prolonged slowdown, passenger cars exports grew by 23 per cent in value terms this April to $444 million, according to data released by engineering exporters body EEPC India.
“Export shipments of passenger cars alone during April 2014 increased by an impressive 23.13 per cent to $444 million from $358 million in the same month last year,” EEPC Chairman Anupam Shah said in a statement.
He added that this brings some consolation for the manufacturers who are facing tormenting times at home.
In April, domestic passenger cars sales declined by over 10 per cent to 1,50,789 units over the comparable period of the previous year. However, May saw a slight improvement in sentiments with car sales in the country growing by 3 per cent to 1,48,577 units year-on-year.
EEPC added that two-wheelers, three wheelers and auto components also registered good growth in the export market.
“While the two/three wheelers saw a growth of 27 per cent, auto components grew by 26 per cent,” the industry body said.
Mr. Shah added, “We need to build on the exports and make it a trend, rather than one-off event by devising a smart strategy. The good thing is that the new government is committed to give a priority to manufacturing.”