India's tyre exports up by 17.5% in Apr-Sept 2010

India's tyre exports grew by over 17% year-on-year to 29.19 lakh units during April-September 2010, Parliament was informed today.

During April-September 2009, the country exported 24.81 lakh units tyres, Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to Lok Sabha.

"However, tyre exports registered a lesser growth comparatively, due to global economic slowdown and recessionary conditions of market," he said.

During the first half of the fiscal, a total number of 571.99 lakh tyres were produced as against 446.33 in the corresponding period last fiscal, he added.

In an another reply, the minister said state-run trading firm MMTC has entered into long-term agreements (LTAs) with Japanese, South Korean and Chinese steel mills for export of iron ore during 2006-11.

Under the LTAs for Japan and Korea, prices are negotiated between mine-owners and steel mills on the basis of an annual benchmark pricing system.

"The objective of the government is...To maintain historical/good diplomatic relationships with these countries which will enable technology transfers and investments, financial aid and soft loans for the development of various infrastructure projects in India," he added.