Automobile exports from India declined 5.5 per cent in FY24 because of the financial disaster in varied abroad markets, based on the most recent information shared by trade physique SIAM. Overall exports stood at 45,00,492 items within the final fiscal in comparison with 47,61,299 items in FY23.
Commenting on the drop in abroad shipments final fiscal, SIAM President Vinod Aggarwal stated the state of affairs 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 automobile, two-wheeler and three-wheeler shipments, though passenger automobiles grew marginally. However, within the January-March quarter this 12 months, we have now seen good restoration, particularly for two-wheelers, indicating higher potential for the remainder of the 12 months, he stated.
“We are very hopeful that going forward, the situation will improve,” Aggarwal added. In the passenger automobile section, exports elevated 1.4 per cent to six,72,105 items in FY24 from 6,62,703 items in FY23. Maruti Suzuki led the section with the cargo of two,80,712 items in opposition to 2,55,439 items in 2022-23.
Hyundai Motor India exported 1,63,155 items final fiscal. It had shipped 1,53,019 items in FY23. Kia Motors exported 52,105 items, whereas Volkswagen India shipped out 44,180 items final fiscal. Nissan Motor India and Honda Cars chipped in with shipments of 42,989 and 37,589 items, respectively, within the 2023-24 fiscal.
Two-wheeler exports witnessed a dip of 5.3 per cent final fiscal at 34,58,416 items in comparison with 36,52,122 items in 2022-23. Similarly, business automobile shipments dropped 16 per cent to 65,816 items in opposition to 78,645 items in FY23. Three-wheeler exports declined 18 per cent to 2,99,977 items final fiscal in comparison with 3,65,549 items within the 2022-23 monetary 12 months.
(With inputs from PTI)
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Source: www.indiatvnews.com
