Latin America becomes Indias largest automobile export market
Africa for quite some time has been one of the most important export markets for the Indian automobile sector. In the previous financial year, however, Latin America has managed to become the largest automobile export market for India. According to reports, almost 25 per cent of the value of vehicles exported in 2015 went to the Latin America. With the value of these vehicles exported there estimated at around Rs 59,360 crore, the increase is around 19 per cent from 2014. All of this despite it being the farthest market to export to with high logistical expenses.
However, the overall value of vehicles exported from the country hasn't changed very much. This is because the number of vehicles exported to Africa has reduced for the first time in 10 years.
Hyundai, the largest automobile exporter in India, shipped about 49,000 cars to the Latin America in 2015. It accounted for 29 per cent of the company's exports last year. Volkswagen India, which exported over 70,000 vehicles last year, shipped around 63,000 vehicles to the Latin America. In fact, the India-made Vento was the second best-selling vehicle in Mexico for a couple of months in 2015.
Source: ET Auto
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