Tyre Exports Increase, Imports Double in India
Despite the increasing strength of the rupee tyre manufacturers in India are still enjoying export growth, reports the Hindu Business Line. According to figures presented in the Indian business daily, exports increased by 19.2 per cent in the current financial year, with approximately 3.1 million units exported during the period. During the same months of the previous fiscal year total exports were in the vicinity of 2.6 million units.
“Exports in 2006-07 had shown a decline, as the demand in the domestic industry was healthy,” said Apollo Tyres COO and joint managing director Neeraj Kanwar. “With serving the domestic industry being a priority, exports seem to have slowed down. But now the industry has added capacity to increase its competitiveness, which would make the export growth come back to earlier levels. We expect exports to remain buoyant.”