auto-medical-exports-see-strong-growth-in-fy24

India’s auto parts and medical exports have shown significant growth over the past three years, highlighting the country's increasing presence in global markets.

 

According to an official statement on Tuesday, outbound shipments from these sectors have expanded steadily despite challenges in overall trade.

Exports of automobile components rose to $7.7 billion in the financial year 2023-24, up from $6.88 billion in 2021-22.

 

The United States, Turkey, Germany, Mexico, and Brazil were among the top destinations, reflecting the growing demand for Indian auto parts in global supply chains.

 

An official noted that India’s transformation in the automobile industry has been particularly evident in the export and import of motorcycle parts and accessories.

 

The country, once heavily reliant on imports in this segment, has successfully reduced its dependence on foreign suppliers while increasing exports.

 

During April to January of the current financial year, exports of motorcycle parts and accessories increased by 27.09 percent, reaching $709.22 million, compared to $558.05 million in the same period of 2021-22.

 

This trend underscores India's growing dominance in the global two-wheeler components market.

 

At the same time, the country is making strides in reducing its foreign dependency in the healthcare and medical technology sector.

 

Exports of medical and scientific instruments rose to $2.43 billion in 2023-24, up from $1.73 billion in 2021-22, marking a steady and sustainable increase in global market penetration. The United States, Germany, France, the United Arab Emirates, and Russia emerged as the primary markets for these products.

 

These growth drivers are particularly significant given the broader challenges in India’s trade sector. In February, India’s overall merchandise exports shrank by 10.9 percent, the sharpest contraction in 20 months, as global trade faced headwinds.

 

Despite this, select sectors, including auto components and medical instruments, have continued to thrive.

 

Among food exports, coffee emerged as one of the fastest-growing segments, with a 40.6 percent year-on-year increase between April and February, reaching $1.54 billion. Italy accounted for 19.01 percent of India's total coffee exports, followed by Germany at 12.42 percent.