The latest data shared by industry body Society of Indian Automobile Manufacturers (SIAM) reveals that automobile exports from India have witnessed a significant decline of 28% in the April-June period this year. The dip can be attributed to the ongoing monetary crisis in Africa and several other developing countries. The devaluation of currencies in many export destinations, particularly in Africa and other developing nations, has adversely affected all vehicle segments’ exports in the first quarter.
During the April-June period of 2023, the total exports of automobiles stood at 1,032,449 units, showcasing a notable decrease from 1,425,967 units in the same period last year. This decline can be attributed to the challenges faced by these countries in terms of foreign exchange availability, leading to limited sales for vehicles. However, the demand for vehicles from consumers in these markets still persists.
Passenger Vehicle Shipments
The passenger vehicle segment has also experienced a decline in exports. In the June quarter of this year, total passenger vehicle shipments amounted to 152,156 units, indicating a 5% decrease from the 160,116 units recorded in the April-June period of 2022. Specifically, shipments of passenger cars dropped to 94,793 units, down from 104,400 units in the corresponding period of the previous year. Similarly, utility vehicle shipments marginally decreased to 55,419 units in the first quarter of this fiscal year compared to 55,547 units in the same period last year.
Among the automobile manufacturers, Maruti Suzuki India secured the top spot with shipments of 62,857 units in the June quarter. Hyundai Motor India followed closely, shipping 35,100 units during the first quarter, while Kia India ranked third with overseas shipments of 22,511 units.
Two-Wheeler and Commercial Vehicle Exports
In addition to passenger vehicles, the two-wheeler and commercial vehicle segments have also witnessed a decline in exports. Two-wheeler exports dropped by 31% to 791,316 units in the April-June period compared to 1,148,594 units in the same period last year. Similarly, commercial vehicle shipments saw a 25% decline, with 14,625 units exported in the first quarter, down from 19,624 units in the April-June period of the previous fiscal year.
Three-wheeler exports also experienced a decrease of 25% in the period under review. The number of units exported during the first quarter stood at 73,360, while the corresponding figure in the June quarter of the previous fiscal year was 97,237.
India’s automobile exports have witnessed a substantial decline of 28% in the first quarter of this year due to the monetary crisis prevalent in developing nations, including Africa. The devaluation of currencies in export destinations has impacted all vehicle segments, resulting in decreased exports. Passenger vehicle shipments, including passenger cars and utility vehicles, recorded a drop in numbers. Maruti Suzuki India, Hyundai Motor India, and Kia India were the top performers among automobile manufacturers. Two-wheeler and commercial vehicle exports also declined, along with three-wheeler exports.
- Automobile exports from India declined 28% in Q1 of 2023 due to the monetary crisis in developing nations.
- Total passenger vehicle shipments in the June quarter were 152,156 units, down 5% from the same period in 2022.
- Passenger car shipments dropped to 94,793 units in the April-June period.
- Utility vehicle shipments slightly decreased to 55,419 units in the first quarter of this fiscal year.
- Maruti Suzuki India, Hyundai Motor India, and Kia India were the top automobile exporters in the June quarter.
- Two-wheeler exports declined by 31% to 791,316 units.
- Commercial vehicle shipments dipped by 25% to 14,625 units.
- Three-wheeler exports declined by 25% to 73,360 units.