"This year the industry would be able to achieve an export target of Rs 750 crore as the financial turmoil in the South East Asian countries and competition from countries like Cchina and Japan have hit our prospects," an Automotive Tyre Manufacturers Association (ATMA) official said.

ATMA, the apex body of tyre manufacturers in the country which held a review meeting in the second week of January, lowered the target for the year to Rs 750 crore as against Rs 907 achieved during the last year.

According to ATMA, the South East Asian crisis has resulted in these countries resorting to exports of 70 to 80 per cent of their total production to earn more foreign exchange.