Maruti is busy diversifying its exports and is bullish that the efforts will make up for the loss in exports to Europe. The company is seeding the small car markets globally, reports Economic Times.
Maruti`s exports to non-European countries have grown to 23,696 in 2005-06, a jump of over 78% over last year. According to sources, this is likely to cross 42,000 in the current year. The steady decline in exports in 2005-06 was a result of the company`s decision to stop exports of Alto, the brand which constituted nearly 80% of its total exports to Europe, from India. The discontinuation of Alto sales in Europe followed Maruti`s parent Suzuki`s plan to sell Swift in Europe, made at its Hungarian plant.
Algeria has emerged as Maruti`s largest overseas market with sales growing from few hundred in FY`02 to over 6,500 (FY06). The company says it may cross 9,800 this year.
Maruti is quite bullish on markets like Chile, Morocco, Egypt and Sudan, apart from the neighbouring countries. The auto major expects its exports to Chile and Morocco to go above 5,900 and 2,300, respectively, this year. Its volumes from there have moved from under 700 in FY`02 to 3,115 (FY`06), and exports to Sudan was nil two years back.
Meanwhile, Maruti is also reporting a high on current year exports to the neighbouring countries. The company expects to export 9,200 units to Sri Lanka this year, a growth of over 50%, 1,200 units to Nepal, over 1,175 to Bhutan and 700 to Bangladesh.
Maruti, which saw exports dip by 29% last fiscal, also plans to launch a new export model during `08-09, which will target the European market. The company targets to export one lakh units of the model annually.
Maruti`s exports to non-European countries have grown to 23,696 in 2005-06, a jump of over 78% over last year. According to sources, this is likely to cross 42,000 in the current year. The steady decline in exports in 2005-06 was a result of the company`s decision to stop exports of Alto, the brand which constituted nearly 80% of its total exports to Europe, from India. The discontinuation of Alto sales in Europe followed Maruti`s parent Suzuki`s plan to sell Swift in Europe, made at its Hungarian plant.
Algeria has emerged as Maruti`s largest overseas market with sales growing from few hundred in FY`02 to over 6,500 (FY06). The company says it may cross 9,800 this year.
Maruti is quite bullish on markets like Chile, Morocco, Egypt and Sudan, apart from the neighbouring countries. The auto major expects its exports to Chile and Morocco to go above 5,900 and 2,300, respectively, this year. Its volumes from there have moved from under 700 in FY`02 to 3,115 (FY`06), and exports to Sudan was nil two years back.
Meanwhile, Maruti is also reporting a high on current year exports to the neighbouring countries. The company expects to export 9,200 units to Sri Lanka this year, a growth of over 50%, 1,200 units to Nepal, over 1,175 to Bhutan and 700 to Bangladesh.
Maruti, which saw exports dip by 29% last fiscal, also plans to launch a new export model during `08-09, which will target the European market. The company targets to export one lakh units of the model annually.
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