Auto exports from India decline by 5.5% in FY24 amid global monetary implications: SIAM

India’s auto exports: Automobile exports from India experienced a decline of 5.5 per cent in fiscal year 2023-24, attributed to monetary crises in various overseas markets, according to latest data from Society of Indian Automobile Manufacturers (SIAM).

Overall exports totalled 45,00,492 units in last fiscal, down from 47,61,299 units in FY23. SIAM President Vinod Aggarwal attributed drop in overseas shipments to volatile situation in several international markets, particularly those facing foreign exchange-related issues where India's commercial vehicle and two-wheeler exports are significant.

While commercial vehicle, two-wheeler, and three-wheeler shipments saw a notable decrease in last fiscal, passenger vehicle exports marginally increased. However, re has been a promising recovery, especially in two-wheeler segment, in January-March quarter of this year, indicating potential for improvement in rest of year.

In passenger vehicle segment, exports grew by 1.4 per cent to 6,72,105 units in FY24. Maruti Suzuki led segment with 2,80,712 units shipped, followed by Hyundai Motor India with 1,63,155 units. Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars also contributed to passenger vehicle exports.

Two-wheeler exports declined by 5.3 per cent to 34,58,416 units, while commercial vehicle shipments dropped by 16 per cent to 65,816 units. Three-wheeler exports saw an 18 per cent decline to 2,99,977 units in FY24.

Despite challenges faced in previous fiscal, re is optimism for improvement in export scenario moving forward. 

(With PTI inputs)