Representative | Image:Unsplash
India’s auto exports: Automobile exports from India experienced a decline of 5.5 per cent in the fiscal year 2023-24, attributed to monetary crises in various overseas markets, according to the latest data from the Society of Indian Automobile Manufacturers (SIAM).
Overall exports totalled 45,00,492 units in the last fiscal, down from 47,61,299 units in FY23. SIAM President Vinod Aggarwal attributed the drop in overseas shipments to the volatile situation in several international markets, particularly those facing foreign exchange-related issues where India’s commercial vehicle and two-wheeler exports are significant.
While commercial vehicle, two-wheeler, and three-wheeler shipments saw a notable decrease in the last fiscal, passenger vehicle exports marginally increased. However, there has been a promising recovery, especially in the two-wheeler segment, in the January-March quarter of this year, indicating potential for improvement in the rest of the year.
In the passenger vehicle segment, exports grew by 1.4 per cent to 6,72,105 units in FY24. Maruti Suzuki led the segment with 2,80,712 units shipped, followed by Hyundai Motor India with 1,63,155 units. Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars also contributed to passenger vehicle exports.
Two-wheeler exports declined by 5.3 per cent to 34,58,416 units, while commercial vehicle shipments dropped by 16 per cent to 65,816 units. Three-wheeler exports saw an 18 per cent decline to 2,99,977 units in FY24.
Despite the challenges faced in the previous fiscal, there is optimism for improvement in the export scenario moving forward.
(With PTI inputs)
