According to the latest data shared by the Society of Indian Automobile Manufacturers (SIAM), automobile exports from India witnessed a 28 percent decline in the April-June period this year, primarily due to the monetary crisis affecting various developing countries, including those in Africa.
During the first quarter ending on June 30, 2023, overall exports amounted to 1,032,449 units, in contrast to the 1,425,967 units recorded during the same period the previous year.
Rajesh Menon, Director General of SIAM, highlighted the drop in exports across all vehicle segments during the first quarter. The devaluation of currencies in many export destinations, especially in Africa and other developing nations, coupled with challenges in foreign exchange availability, has limited vehicle sales. Despite the existing consumer demand for vehicles in these markets, countries have focused more on importing essential items.
Within the passenger vehicle category, total shipments reached 152,156 units in the June quarter, reflecting a 5 percent decline compared to the April-June period in 2022. Passenger car shipments declined to 94,793 units during the review period, compared to 104,400 units in the corresponding period the previous year. Similarly, utility vehicle shipments saw a marginal decline to 55,419 units in the first quarter of this fiscal year, compared to 55,547 units in the same period of the previous year.
Maruti Suzuki India secured the top position with 62,857 units shipped in the June quarter, followed by Hyundai Motor India with 35,100 units, and Kia India with 22,511 units.
Two-wheeler exports experienced a significant drop of 31 percent, reaching 791,316 units in the April-June period compared to 1,148,594 units in the year-ago period.
Likewise, commercial vehicle shipments declined to 14,625 units in the first quarter, down 25 percent from 19,624 units in the April-June period of the 2022-23 fiscal year. Three-wheeler exports also declined by 25 percent to 73,360 units in the review period, compared to 97,237 units in the June quarter of the previous fiscal year.
