Automobile Exports from India Dip 28% in Q1 Amid Monetary Crisis
- ByStartupStory | July 17, 2023
According to the latest data shared by industry body SIAM, automobile exports from India witnessed a substantial decline in the April-June period, primarily due to the monetary crisis in Africa and other developing countries. The overall exports in this period amounted to 1,032,449 units, showing a 28% decrease compared to the same period last year.
SIAM’s Director General, Rajesh Menon, highlighted the challenges faced by these export destinations, stating, “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.” This devaluation, along with limited availability of foreign exchange, has led these countries to prioritize imports of essential items over vehicles, despite existing consumer demand.
Specifically, the passenger vehicle segment experienced a 5% decline, with total shipments reaching 152,156 units in the June quarter, down from 160,116 units in the April-June period of the previous year. Passenger cars shipments dropped to 94,793 units, while utility vehicle shipments saw a marginal decline to 55,419 units during the first quarter of this fiscal year.
Maruti Suzuki India emerged as the top performer in the June quarter with shipments of 62,857 units, followed by Hyundai Motor India with 35,100 units and Kia India with 22,511 units.
In addition, two-wheeler exports declined by 31% to 791,316 units, commercial vehicle shipments dipped by 25% to 14,625 units, and three-wheeler exports experienced a 25% decline to 73,360 units in the same period.
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