Automobile exports from India declined 5.5 per cent in FY24 as a result of financial disaster in varied abroad markets, based on the newest knowledge shared by trade physique SIAM. Overall exports stood at 45,00,492 models in the final fiscal in comparison with 47,61,299 models in FY23.
Commenting on the drop in abroad shipments final fiscal, SIAM President Vinod Aggarwal stated the scenario stays unstable in varied abroad markets. “Some of the countries, where we are very strong with commercial vehicle and two-wheeler exports, have been facing foreign exchange-related issues,” he famous.
The final fiscal noticed a sizeable drop in business car, two-wheeler and three-wheeler shipments, though passenger automobiles grew marginally. However, in the January-March quarter this yr, we’ve got seen good restoration, particularly for two-wheelers, indicating higher potential for the remainder of the yr, he stated.
“We are very hopeful that going forward, the situation will improve,” Aggarwal added. In the passenger car phase, exports elevated 1.4 per cent to six,72,105 models in FY24 from 6,62,703 models in FY23. Maruti Suzuki led the phase with the cargo of two,80,712 models towards 2,55,439 models in 2022-23.
Hyundai Motor India exported 1,63,155 models final fiscal. It had shipped 1,53,019 models in FY23. Kia Motors exported 52,105 models, whereas Volkswagen India shipped out 44,180 models final fiscal. Nissan Motor India and Honda Cars chipped in with shipments of 42,989 and 37,589 models, respectively, in the 2023-24 fiscal.
Two-wheeler exports witnessed a dip of 5.3 per cent final fiscal at 34,58,416 models in comparison with 36,52,122 models in 2022-23. Similarly, business car shipments dropped 16 per cent to 65,816 models towards 78,645 models in FY23. Three-wheeler exports declined 18 per cent to 2,99,977 models final fiscal in comparison with 3,65,549 models in the 2022-23 monetary yr.
(With inputs from PTI)
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