Automobile Exports from India Dip 5.5% in FY24
Automobile exports from India experienced a decline of 5.5% in the fiscal year 2023-24, attributed to monetary crises in various overseas markets, according to data released by the Society of Indian Automobile Manufacturers (SIAM). The total exports stood at 4,500,492 units in the last fiscal year, down from 4,761,299 units recorded in FY23.
SIAM President Vinod Aggarwal commented on the drop in overseas shipments, stating that the situation in several international markets remains volatile. He noted that some countries, where India has a strong presence in commercial vehicle and two-wheeler exports, have been grappling with foreign exchange-related issues.
The fiscal year saw a significant decrease in exports across commercial vehicles, two-wheelers, and three-wheelers, although there was marginal growth in the passenger vehicle segment. However, Aggarwal highlighted a positive trend in the January-March quarter of the current year, particularly in two-wheeler exports, indicating potential for improvement in the coming months.
In the passenger vehicle segment, exports increased by 1.4% to 672,105 units in FY24 compared to 662,703 units in FY23. Maruti Suzuki led the segment with 280,712 units shipped, followed by Hyundai Motor India with 163,155 units. Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars also contributed to the export figures.
Two-wheeler exports witnessed a decline of 5.3% in FY24, totaling 3,458,416 units compared to 3,652,122 units in FY23. Commercial vehicle shipments dropped by 16% to 65,816 units, and three-wheeler exports declined by 18% to 299,977 units during the same period.
Despite the challenges faced in the previous fiscal year, industry experts remain hopeful for improvement in the export scenario in the upcoming months.
