Pandemic struck: Auto parts industry’s H1FY21 turnover de-grows 34%

New Delhi, Dec 16 (IANS) The Automotive Component Manufacturers Association of India on Wednesday reported a de-growth of 34 per cent in industry’s turnover during April to September 2020 period on a year-on-year basis.Accordingly, the turnover of the automotive component industry stood at Rs 1.19 lakh crore (USD 15.9 billion) for the period April 2020 to September 2020.”The auto industry witnessed a downturn in FY2019-20, the situation further aggravated with the outbreak of the pandemic and the lockdown,” said Vinnie Mehta, Director General, ACMA.”While the first quarter for FY20-21 was significantly stressed, however with unlocking of the economy, the sales of vehicles witnessed improvement, month-on-month, in the second quarter.”However, for the first time ever, the industry witnessed a trade surplus with auto component exports at Rs 39,003 crore ($5.2 billion) and imports at Rs 37,710 crore ($5 billion); both exports and imports declined by 23.6 per cent and 32.7 per cent, respectively, he said.”The aftermarket, estimated at Rs 31,116 crore, also witnessed de-growth of 15 per cent. Component sales to OEMs in the domestic market contracted the most to Rs 87,120 crore (USD 11.6 billion), declining 42 per cent.”–IANSrv/sn/kr