Indian Automobile Exports Slump 5.5% in FY’24

New Delhi: India saw a 5.5% decline in automobile exports in the fiscal year 2023-24, totalling 4,500,492 units compared to 4,761,299 units in the previous fiscal year, as per data released by SIAM, the industry body.

This drop was attributed to monetary crises in several overseas markets, resulting in volatility. SIAM President Vinod Aggarwal highlighted challenges in countries where India has a strong presence in commercial vehicle and two-wheeler exports due to foreign exchange issues.

Despite the overall decline, passenger vehicle exports saw a modest increase of 1.4%, reaching 672,105 units. Notably, Maruti Suzuki led this segment with 280,712 units, followed by Hyundai Motor India at 163,155 units, and Kia Motors at 52,105 units. Nissan Motor India and Honda Cars also contributed with shipments of 42,989 and 37,589 units, respectively.

However, the commercial vehicle and three-wheeler segments faced significant declines of 16% and 18%, respectively. Commercial vehicle shipments dropped to 65,816 units, while three-wheeler exports fell to 299,977 units.

In contrast, there’s optimism for the current year, particularly with a notable recovery in two-wheeler exports during the January-March quarter. This positive trend suggests better prospects for the remainder of the year.