Automobile exports from India fell 28 percent in Q1 FY2024: Here’s why – Times of India

Automobile exports from India fell 28 percent in Q1 FY2024: Here’s why - Times of India

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Automobile exports from India saw a decline of 28 percent in April-June 2023, due to the monetary crisis in Africa and other developing countries, as per the latest data shared by SIAM. In Q1 FY 2024, overall exports stood at 10,32,449 units as opposed to 14,25,967 units in the corresponding period last year.
These countries have been facing issues with the availability of foreign exchange, which limits vehicle sales. They are focusing more on imports of essential items, though the demand for vehicles from consumers exists in these markets, says Rajesh Menon, Director General, Society of Indian Automobile Manufacturers (SIAM).
Further, he added, “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.”
Talking about the overall passenger vehicle exports, it stood at 1,52,156 units in April-June 2023, registering a decline of 5 percent as against 1,60,116 units in the same period last year. Passenger car exports were reported at 94,793 units in Q1 FY2024 as compared to 1,04,400 units in Q1 FY2023.

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In the Utility Vehicle segment, exports witnessed a marginal decline with 55,419 units in April-June 2023 as opposed to 55,547 units in Q1 FY2023. Maruti Suzuki India shipped 62,857 units in Q1 FY2024, securing the top spot. The company exported 68,987 units in April-June 2023.
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