LiveAfter years of growth, the exports of auto components declined for the first time.
For the year ended March 31, 2016, the shipments declined 3.7% to $10.8 billion as compared to $11.2 billion of previous year.
Exports had hiked by 10% in FY 15.
The exports of component declined in leading demand markets such as Europe, Africa and Asia. In FY 16, the exports to Europe which is the largest destination had decreased 6% to $3.88 billion.
Shipments to markets in Asia decreased 3% to $2.72 billion.
