Total tire exports from India during FY 2023-24 stood at Rs 23,073 crore, which is equal to the figure of last year. The Automotive Tire Manufacturers Association (ATMA) (ATMA) gave this information on Tuesday.

ATMA said in a statement that tire exports were badly affected due to slowdown in developed economies, geopolitical uncertainties and inflationary pressures in the first half of the year.

ATMA, citing data released by the Commerce Ministry, said, "Tire exports from India improved sharply in the second half of FY 2023-24 and grew by 12 per cent in value terms compared to the previous year."

It said that total tire exports from India during FY 2023-24 stood at Rs 23,073 crore, which is equal to the figure of last year.

ATMA President Arnab Banerjee said, "The revival of tyre exports in the second half of the year despite a difficult external environment is a testimony to the Indian tyre industry's ability to overcome challenging conditions and carve out a niche for itself."

It also points to the attractive value proposition offered by Indian tyre manufacturers in terms of quality, which is being appreciated globally, he said.

With a turnover of around Rs 90,000 crore and exports of over Rs 23,000 crore, the Indian tyre industry is one of the few manufacturing sectors with a very high export-to-turnover ratio, ATMA said.

Currently, Indian tyres are exported to over 170 countries across the world, including developed markets such as the US and the EU.

It further said the recovery in economic activity across the globe presents a unique opportunity for Indian tyre manufacturers.

ATMA said the Indian tyre industry has the potential to significantly increase exports in the next three to four years and strengthen the country's position as a major player in the global market. ATMA also called for removing certain bottlenecks, especially regarding access to natural rubber.

According to the statement, the tyre industry needs to comply with pre-import conditions for natural rubber imports against the (tyre) export obligation. This greatly restricts operations and impacts export performance.

"The export obligation period needs to be restored to 18 months. The export obligation period for tyres was reduced from 18 to 6 months some time back, making it difficult for the industry to access raw materials that are in short supply domestically," ATMA said.