Automobile exports from India dip 28% in Q1 as several markets hit by monetary crisis

Automobile exports from India declined 28 per cent in the April-June period this year hit by the monetary crisis in Africa and various other developing countries, according to the latest data shared by industry body SIAM. Overall exports stood at 10,32,449 units in the first quarter ended on June 30, 2023, as compared with 14,25,967 units in the same period of last year." All vehicle segments have seen a drop in exports in the first quarter, as there has been a devaluation of currencies in many destinations of exports, especially in Africa and other developing countries," Society of Indian Automobile Manufacturers (SIAM) DG Rajesh Menon told PTI.

These countries have been facing challenges of availability of foreign exchange, which is limiting the sales for vehicles and countries are focusing more on imports of essential items, though the demand for vehicles from consumers exists in these markets, he added. Total passenger vehicle shipments stood at 1,52,156 units in the June quarter, down 5 per cent from 1,60,116 units in the April-June period of 2022. Passenger car shipments dropped to 94,793 units in the period under review from 1,04,400 units in the year-ago period. Similarly, utility vehicle shipments saw a marginal decline to 55,419 units in the first quarter of this fiscal as against 55,547 units in the same period of last year. Maruti Suzuki India secured the top slot with shipments of 62,857 units in the June quarter.

It had exported 68,987 passenger vehicles in the April-June quarter of the last fiscal. It was followed by Hyundai Motor India which shipped 35,100 units in the first quarter as against 34,520 units in the year-ago period. Kia India came in at third position with the overseas shipment of 22,511 units. It exported 21,459 units in the June quarter last fiscal.

Two-wheeler exports declined 31 per cent to 7,91,316 units in the April-June period from 11,48,594 units in the year-ago period. Similarly, commercial vehicle shipments dipped to 14,625 units in the first quarter, down 25 per cent from 19,624 units in the April-June period of the 2022-23 fiscal.

Three-wheeler exports also declined 25 per cent to 73,360 units in the period under review from 97,237 units in the June quarter of last fiscal.