Mr. Divya Aggarwal
Senior Copy Editor
Money Management Consultants Ltd
New Delhi, India
Free Member
Joined :05/11/2007
No of Topics Posted : 113
Reply/Comments : 18
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TOPIC : Auto parts imports surge, exports dip
India may be reckoned competitive on the global map with regard to exports of auto components, but on the home front it is imports that are showing a higher growth.
Contrary to popular perception, the latest figures from Directorate General of Commercial Intelligence & Statistics reveal that India is a net importer of auto components.
As per the latest official data for the year ended March 2007, India's auto components imports have increased at a compounded annual growth rate of 31 percent in 2003-06, faster than the country's exports which grew by 29.7 percent in the same period.
In the financial year 2006-07, India's imports reported a surge of 34 percent CAGR as against exports at 16 percent.
The imports mainly include wheel rims, ball bearings, gears and gearing components. However, some of the imported products are those that are either not manufactured in the domestic market like airbags or need high technology inputs.
The DGCIS data reports that except for the US and Canada, in the case of countries like China, Japan, Korea and Thailand, India's imports have exceeded its exports.
Among the major countries from which India imports auto parts, Korea emerges the largest followed by Japan, China and Thailand.
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