Car exports from India declined 5.5 per cent in FY24 as a result of financial disaster in varied abroad markets, in response to the most recent knowledge shared by business physique SIAM. Total exports stood at 45,00,492 items within the final fiscal in comparison with 47,61,299 items in FY23.
Commenting on the drop in abroad shipments final fiscal, SIAM President Vinod Aggarwal mentioned the scenario stays risky in varied abroad markets. “A few of the international locations, the place we’re very robust with industrial automobile and two-wheeler exports, have been dealing with overseas exchange-related points,” he famous.
The final fiscal noticed a sizeable drop in industrial automobile, two-wheeler and three-wheeler shipments, though passenger autos grew marginally. Nonetheless, within the January-March quarter this yr, we now have seen good restoration, particularly for two-wheelers, indicating higher potential for the remainder of the yr, he mentioned.
“We’re very hopeful that going ahead, the scenario will enhance,” Aggarwal added. Within the passenger automobile section, exports elevated 1.4 per cent to six,72,105 items in FY24 from 6,62,703 items in FY23. Maruti Suzuki led the section with the cargo of two,80,712 items towards 2,55,439 items in 2022-23.
Hyundai Motor India exported 1,63,155 items final fiscal. It had shipped 1,53,019 items in FY23. Kia Motors exported 52,105 items, whereas Volkswagen India shipped out 44,180 items final fiscal. Nissan Motor India and Honda Automobiles chipped in with shipments of 42,989 and 37,589 items, respectively, within the 2023-24 fiscal.
Two-wheeler exports witnessed a dip of 5.3 per cent final fiscal at 34,58,416 items in comparison with 36,52,122 items in 2022-23. Equally, industrial automobile shipments dropped 16 per cent to 65,816 items towards 78,645 items in FY23. Three-wheeler exports declined 18 per cent to 2,99,977 items final fiscal in comparison with 3,65,549 items within the 2022-23 monetary yr.
(With inputs from PTI)
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