Automobile exports from India dip 5.5% in FY24 due to monetary crisis

Automobile exports from India declined 5.5 per cent in FY24 due to the monetary crisis in various overseas markets, according to the latest data shared by industry body SIAM.

Overall exports stood at 45,00,492 units in the last fiscal compared to 47,61,299 units in FY23.

Commenting on the drop in overseas shipments last fiscal, SIAM President Vinod Aggarwal said the situation remains volatile in various overseas 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 noted.

The last fiscal saw a sizeable drop in commercial vehicle, two-wheeler and three-wheeler shipments, although passenger vehicles grew marginally.

However, in the January-March quarter this year, we have seen good recovery, especially for two-wheelers, indicating better potential for the rest of the year, he said.

"We are very hopeful that going forward, the situation will improve," Aggarwal added.

In the passenger vehicle segment, exports increased 1.4 per cent to 6,72,105 units in FY24 from 6,62,703 units in FY23.

Maruti Suzuki led the segment with the shipment of 2,80,712 units against 2,55,439 units in 2022-23.

Hyundai Motor India exported 1,63,155 units last fiscal. It had shipped 1,53,019 units in FY23. Kia Motors exported 52,105 units, while Volkswagen India shipped out 44,180 units last fiscal.

Nissan Motor India and Honda Cars chipped in with shipments of 42,989 and 37,589 units, respectively, in the 2023-24 fiscal.

Two-wheeler exports witnessed a dip of 5.3 per cent last fiscal at 34,58,416 units compared to 36,52,122 units in 2022-23.

Similarly, commercial vehicle shipments dropped 16 per cent to 65,816 units against 78,645 units in FY23.

Three-wheeler exports declined 18 per cent to 2,99,977 units last fiscal compared to 3,65,549 units in the 2022-23 financial year.