Automobile exports fell 21% in 2023: SIAM

Auto Exports: The country's auto exports fell 21 per cent in 2023, on the backs of monetary and geopolitical crises in foreign markets, according to Society of Indian Automobile Manufacturers (SIAM) data. 
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The total exports last year were 42,85,809 units, as against 52,04,966 units in 2022.

The Passenger vehicle (PV) export's rose by 5 per cent to 6,77,956 units last year from 6,44,842 units in 2022.

In other verticals such as commercial vehicles (CV), two-wheelers and three-wheelers saw a dip in exports last year.

The two-wheeler exports slipped 20 per cent to 32,43,673 units previous year from 40,53,254 units in 2022.

Similarly, commercial vehicle shipments declined to 68,473 units last year from 88,305 units.

Three-wheeler exports declined 30 per cent to 2,91,919 units last year from 4,17,178 units.

SIAM's Director General, Rajesh Menon, said in 2023, PV exports rose due to vehicle launches and pent-up demand in markets such as South Africa and the Gulf region, citing media reports.

"The increase can also be attributed to a smoother supply chain as compared to the previous year, wherein there were supply-side disruptions, including that of semiconductors, he said.  

"However, for the regions where two and three-wheelers are sold, the challenges of availability of foreign exchange continue, which has kept the demand subdued," he added.

Company-specific exports

In April-December period this fiscal year, Maruti Suzuki India was the top exporter in the passenger vehicle segment, posting a 6 per cent growth to 2,02,786 units, an increase of 6 per cent from 1,92,071 units a year ago.

Hyundai Motor India shipped out 1,29,755 units in the third quarter of the current fiscal compared to 1,19,099 units in the same period of last fiscal.

On the other hand, Volkswagen exported 33,872 units, and Nissan 31,678 units in the April-December period in the present fiscal year.