On the growth outlook for 2024, Kim maintained that it is very optimistic for this calendar year but added that he could not predict the future due to the geopolitical tensions in the Middle East and war between Russia and Ukraine.
Auto Exports In 2023: The biggest auto export markets from India are Latin America, Southeast Asia and Africa. During the April-September 2023 period, export volumes saw a de-growth for all the segments including two wheelers, commercial vehicles (CVs) and three wheelers. However, the passenger vehicle (PV) segment marked a growth of 5%. Ongoing geopolitical issues and availability of foreign exchange have been challenges for certain markets. Industry experts expect the overall scenario to improve in H1 but owing to global issues, complete recovery could be lingered on to the next fiscal year.
The UK trade secretary has signed a milestone first-of-its-kind deal with Italy with an aim to push UK exports to £1 trillion in goods and services sales by 2030.
Thailand: The realm of car exports witnessed a substantial surge of 30.05% in July vis-à-vis the corresponding period in the previous year, signifying the dispatch of 108,052 units. This acceleration ensued subsequent to a notable escalation of 20.22% observed in June.
Skoda: Volkswagen Group commenced exports from India in 2011. Polo and Vento models of the Volkswagen brand paved the way for India to emerge as a prominent export hub for the group, it said.