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Indian manufactured tyres are being exported to over 170 countries in the world. | Representative Picture
Tyre exports from India grew 17 per cent year-on-year to reach Rs 6,219 crore in the first quarter of the current fiscal with the US emerging as the biggest market, industry body Automotive Tyre Manufacturers Association (ATMA) said on Thursday.
Tyre exports from India recouped in the first quarter of FY25, increasing by 17 per cent YoY. Tyre exports had declined by 14 per cent in the corresponding quarter in the previous year, ATMA said citing data just released by the Ministry of Commerce.
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, ATMA Chairman Arnab Banerjee said in a statement.
“Improving demand prospects in key export destinations and expected monetary easing also helped growth,” Banerjee added.
The rise in exports is a testament to the Indian tyre industry’s enhanced integration with global supply chains, he added.
“The globally aligned regulatory environment in the country for manufacturing of tyres also augurs well for increasing the addressable market for Indian manufactured tyres,” Banerjee said.
During Q1FY25, the US was the largest export destination for Indian manufactured tyres accounting for 17 per cent share. Other large export destinations included Brazil, Germany, France and Italy, the statement said.
Indian manufactured tyres are being exported to over 170 countries in the world.
The highest growth in export volumes of 38 per cent was witnessed in motorcycle tyres in Q1 followed by 31 per cent in Truck & Bus Radial (TBR) tyres, it added.
Downside risks to Indian tyre exports continue, including global supply chain disruptions, geopolitical risks, the West Asia crisis and rising shipping costs, Banerjee said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 29 2024 | 7:22 PM IST
