Tractor exports present revival alerts in Feb, home gross sales lowest in 4 years

After reporting degrowth for a 12 months, tractor exports from India reported a optimistic year-on-year (y-o-y) progress in February this 12 months. However the home market registered the bottom month-to-month volumes within the final 4 years.

Whole tractor exports stood at 8,487 items final month in contrast with 7,306 items in February 2023 and seven,185 items in January this 12 months, posting a y-o-y enhance of 16 per cent and a month-on-month enhance of 18 per cent respectively, in keeping with the information supplied by the Tractor & Mechanisation Affiliation (TMA).

A few of the key export markets for Indian tractor makers embody the SAARC area and Africa. Nonetheless, the nation’s prime tractor exporter Sonalika Tractors ships its tractors to quite a few nations internationally. For the home main Mahindra & Mahindra, the US is the second largest market after India, whereas it additionally exports to SAARC nations and Africa.

• Additionally learn: Home tractor gross sales fall for the second straight month in January

Whereas Sri Lanka, which was reeling below financial crises, has proven enhancements in tractor gross sales, Nepal has additionally been recovering from a slowdown section, in keeping with business representatives.

In February this 12 months, Sonalika Tractors’ exports grew 30 per cent at 2,811 items (2,160 items). Now, the corporate accounts for greater than one-third (35 per cent) of India’s tractor exports, up from about 28 per cent a 12 months in the past.

Through the 11 months of this fiscal, the corporate’s whole tractor exports had been at 30,489 items (31,960 items).

Mahindra & Mahindra reported a 32 per cent enhance in its tractor exports at 1,551 items in February this 12 months (1,172 items). For the 11 months of this fiscal, Mahindra’s tractor exports stood at 12,112 items (16,622 items).

The corporate is trying to increase its exports by coming into into new markets with its new tractor collection Oja, which has been launched in India. The Oja might be launched in North America, ASEAN, Brazil, Australia, South Africa, Europe, and the SAARC area. Oja tractors may even make its debut within the ASEAN area, beginning with Thailand this 12 months.

Whole tractor gross sales within the home market stood at 43,277 items in February this 12 months (62,367 items) and 55,589 items in January 2024. Whole tractor manufacturing was additionally decrease at 71,607 items (82,874 items) and 74,895 items in January 2024.

Within the 11-month interval of this fiscal, the overall home tractor gross sales had been decrease at 8.03 lakh items (8.62 lakh items).