HomeNationalIndia’s tyre exports bounce back in April-June quarter

India’s tyre exports bounce back in April-June quarter

New Delhi, Aug 30 (IANS) India’s tyre exports have bounced back in the first quarter (April-June) of the current financial year with a 17 per cent jump to Rs 6,219 crore, according to a statement issued by the Automotive Tyre Manufacturers Association (ATMA).

Tyre exports had declined by 14 per cent in the same quarter of the previous year due to a decline in demand in the international market.

Arnab Banerjee, Chairman of Automotive Tyre Manufacturers Association (ATMA) said that sustained focus on R&D and development of advanced technology products aided by competitive pricing and branding efforts helped Indian tyre manufacturers drive growth in exports despite a challenging environment. Improving demand prospects in key export destinations and expected monetary easing also helped growth, he said.

The rise in exports reflects the Indian tyre industry’s enhanced integration with global supply chains, he added.

During Q1FY25, the US was the largest export destination for Indian-manufactured tyres, accounting for a 17 per cent share. Other large export destinations included Brazil, Germany, France, and Italy. Indian-manufactured tyres were exported to more than 170 countries.

Banerjee said that the country’s globally aligned regulatory environment for tyre manufacturing also augurs well for increasing the market for India-made tyres.

In terms of numbers, Passenger Car Radial (PCR) tyres accounted for the largest exported category from India, closely followed by Motorcycle and Farm machinery tyres in the first quarter of 2024-25.

In Q1, motorcycle tyres experienced the highest growth in export volumes, 38 per cent, followed by Truck & Bus Radial (TBR) tyres, 31 per cent.

Banerjee observed that the downside risks to Indian tyre exports continue which include global supply chain disruptions, geopolitical tensions, the West Asia conflict that has led to rising shipping costs.

However, the industry is committed to meeting the challenge through continued focus on manufacturing sustainable tyres with superior performance. Innovations such as eco-friendly and fuel-efficient tyres have particularly resonated with global consumers, he added.

–IANS

sps/kvd

Go to Source

Disclaimer

The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

For any legal details or query please visit original source link given with news or click on Go to Source.

Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.

If you are not willing to accept this disclaimer then we recommend reading news post in its original language.

RELATED ARTICLES
- Advertisment -

Most Popular