India's automobile exports experienced a 5.5% decline in the fiscal year 2023-24, according to recent data released by the Society of Indian Automobile Manufacturers (SIAM).
The decrease in exports was attributed to the ongoing monetary crisis in various overseas markets, affecting the overall export figures which stood at 45,00,492 units compared to 47,61,299 units in the previous fiscal year.
Commenting on the situation, SIAM President Vinod Aggarwal highlighted the volatility in several overseas markets, particularly in countries where India has a strong presence in commercial vehicle and two-wheeler exports.
He noted that foreign exchange-related issues have impacted exports to these regions.
While commercial vehicle, two-wheeler, and three-wheeler shipments saw declines, passenger vehicle exports managed a marginal growth of 1.4% in FY24. Maruti Suzuki led the passenger vehicle segment with significant exports, followed by Hyundai Motor India, Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars.
Despite the challenges faced in the last fiscal year, there is optimism for recovery, especially seen in the January-March quarter of this year, particularly in the two-wheeler segment. SIAM remains hopeful for an improvement in the export situation in the coming months.
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