Automobile exports from India plunged 15.87 per cent to 2.44 lakh units in April due to continuing demand slump in major overseas markets of Africa and Latin America . According to the latest data of Society of Indian Automobile Manufacturers ( Siam ), the domestic industry had shipped 2.90 lakh units in the same month last year.
It is after three months of growth that automobile exports fell last month. In January, shipments had grown by 3.8 per cent, 0.95 per cent in February and 6.53 per cent in March. “Exports have declined overall. Every segment seems to have gone down and that is largely because African and Latin American markets are facing a lot of challenges right now,” Siam Director General Vishnu Mathur told PTI. Elaborating further he said, decline in commodity exports, downward spiral in crude prices have led to a decline in income in the African markets. “In Latin America again, their currencies have been badly hit due to inflation. Therefore, the purchasing power of people has gone down there,” Mathur added.