Tyre exports from India recorded at Rs 23,073 crore in FY24

According to the Automotive Tyre Manufacturers' Association (ATMA), India's tyre exports in 2023–24 totaled Rs 23,073 crore, up from the previous year. The industry's durability and quality are due to its high export-to-turnover ratio. 

With a turnover of over Rs 90,000 crore and exports of more than Rs 23,000 crore, the Indian tyre business is one of the few with a high export-to-turnover ratio.

"Tyre exports from India made a sharp recovery in the second half of FY2023–24, increasing by 12% in value terms compared to the previous year," ATMA stated, citing Ministry of Commerce figures.

The overall tyre exports from India in FY2023–24 were Rs 23,073 crore, which matched the previous year's figure, it noted.

The tyre sector must adhere to pre-import conditions for natural rubber imports to (tyre) export obligations. According to the report, this restricts operations and has an impact on export performance.

"The export obligation term should be restored to 18 months. The export obligation term (for tyres) was shortened from 18 to 6 months some time ago, making it difficult for the industry to obtain a raw material that is in low supply domestically," ATMA stated.

Source: Economic Times