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|14th June 2016, 12:13||#1|
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Latin America is now India's largest auto export market
As exports to Africa fell for the first time in almost a decade, Latin America, which is India's furthest export market in terms of distance, has now become India's largest auto export market.
Out of the total auto-related exports worth $8.86 billion (Rs 59,360 crores) in FY2015, shipments to Latin America accounted for $2.26 billion, a jump of nearly 19%!
According to statistics provided by ET, as much as a quarter of the total automobile exports out of India in value terms were sent to Latin America in the last financial year, despite steep logistics cost of shipping vehicles some 15,000 kms away from our country.
Leading the charge is European auto giant, Volkswagen. Out of the ~70,000 VW vehicles which were shipped out in 2015, almost 63,000 units were of the made-in-India Polo and the Vento, the latter gaining good acceptance in Latin American markets, especially Mexico.
Hyundai, the largest car exporter from India, shipped more than 49,000 cars to it's Latin American counterparts in 32 countries, an aggregate of 29% of the Korean auto major's total exports. Among others, Ford exports the Figo & the Aspire sedan, General Motors ships the Chevrolet Beat, and even Suzuki Motor Corporation exports the made-in-India Ciaz to that region.
Volkswagen India's exports to Mexico cross 1 lakh units
Chevrolet rolls out first Beat hatchback for export to Mexico
Last edited by RavenAvi : 14th June 2016 at 12:19.
|14th June 2016, 12:28||#2|
Join Date: Dec 2010
Thanked: 522 Times
re: Latin America is now India's largest auto export market
Interesting. One would rather expect the opposite to happen considering how economies like Brazil are suffering. The excise policy of Mexico sounds interesting, wonder how would it impact us if implemented here.
But overall good to see one sector contributing to the make in India initiative.
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