वित्त वर्ष 2024 में भारत से ऑटोमोबाइल निर्यात में 5.5 प्रतिशत की गिरावट आई है

Automobile exports from India dip 5.5 per cent in FY24

According to recent data shared by industry body SIAM, automobile exports from India experienced a decline of 5.5% in the fiscal year 2023-24. This drop was attributed to the monetary crisis affecting various overseas markets. Overall, exports amounted to 45,00,492 units during the last fiscal, down from 47,61,299 units in FY23.

Commenting on the decrease in overseas shipments, SIAM President Vinod Aggarwal highlighted the volatility in several international markets. He pointed out that certain countries, particularly those where India has a strong presence in commercial vehicle and two-wheeler exports, have been grappling with foreign exchange-related issues.

The fiscal year witnessed a notable decrease in commercial vehicle, two-wheeler, and three-wheeler shipments, although there was a slight growth in passenger vehicle exports. However, there has been a promising recovery, especially in the two-wheeler segment, during the January-March quarter of the current year, indicating better prospects for the remainder of the year.

Aggarwal expressed optimism about the future, stating that he anticipates an improvement in the situation going forward.

In the passenger vehicle category, exports saw a modest increase of 1.4%, reaching 6,72,105 units in FY24 compared to 6,62,703 units in FY23. Maruti Suzuki led this segment with shipments totalling 2,80,712 units, followed by Hyundai Motor India with 1,63,155 units, and Kia Motors with 52,105 units. Additionally, Volkswagen India, Nissan Motor India, and Honda Cars contributed to the segment with their respective export figures.

Two-wheeler exports experienced a decline of 5.3% in the last fiscal, totalling 34,58,416 units, while commercial vehicle shipments dropped by 16% to 65,816 units. Three-wheeler exports also saw a significant decline of 18%, amounting to 2,99,977 units.

Despite the challenges faced in FY24, the industry remains hopeful for a turnaround, especially with signs of recovery in certain segments and the expectation of an improved global economic outlook.

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