ACMA Reveals Positive Growth In India’s Export-Import Delta By $ 1,200 Million YoY | V3Cars
The Automotive Component Manufacturers Association (ACMA) organised their annual performance event today. ACMA revealed that it has managed to deliver a positive growth of $1,200 million in India’s exports over the last year.
In the financial year 2022, India showed a large growth in component exports, with growth of around 43% compared to last year. Last year, India had a trade deficit of $500 million but in the year 2022, India commands a trade surplus of $700 million.
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India have also grown in exports, and China continues to remain the largest source of imports in the country. India’s imports have grown by 33% thanks to the ease in supply chain and trade. However, global tensions have resulted in a setback for China, resulting in India witnessing growth in exports.
Drive transmission, steering and engine components continue to remain the dominant segments for both exports and imports. North America, Europe and Asia are the largest importers of Indian automotive components with 32%, 31% and 25% share, respectively.
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ACMA also shed some light on the challenges India faced over the years. Raw material cost per unit is up by ~11% over the last year. The biggest reason for the hike in prices is the geo-political tensions and lockdowns in China. Prices of steel and aluminium rose by 40% and 54%, respectively.
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ABOUT THE AUTHOR
Amit Saraswat
Born and brought up in Agra, he grew up reading magazines more than textbooks. With a keen interest in cars, he decided to make his future in automotive journalism and is currently helping in content at V3Cars.
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