India's exports of cars fell by 28% in the first quarter

17 Jul 2023 , 11:37 AM

According to the most recent information provided by industry group SIAM, India’s exports of automobiles decreased by 28% between April and June of this year as a result of the financial crisis affecting Africa and several other developing nations. As a whole, exports decreased from 14,25,967 units in the same period last year to 10,32,449 units in the first quarter that concluded on June 30, 2023.

According to Society of Indian Automobile Manufacturers (SIAM) DG Rajesh Menon, who talked to ET, ‘all vehicle segments have seen a drop in exports in the first quarter due to a devaluation of currencies in many export destinations, especially in Africa and other developing countries.’

Although there is a need for vehicles from customers in these markets, these countries have been having difficulties with the availability of foreign exchange, which is restricting the sales of vehicles. Instead, these countries are concentrating more on importing necessities.

In the June quarter, total passenger vehicle shipments was 1,52,156 units, a 5% decrease from the 1,60,116 vehicles shipped during the April–June 2022 period.

Shipments of passenger automobiles decreased from 1,04,400 units in the prior period to 94,793 units in the time under review.

Utility vehicle shipments also slightly decreased, from 55,547 units in the same period last year to 55,419 units in the first quarter of this fiscal.

With 62,857 units shipped in the June quarter, Maruti Suzuki India took the top spot. 68,987 passenger automobiles were shipped during the quarter from April to June of the previous fiscal.

Hyundai Motor India came in second, shipping 35,100 cars in the first quarter compared to 34,520 in the same period last year.

With 22,511 units shipped internationally, Kia India took third place. In the June quarter of the prior fiscal year, it had exported 21,459 units.

From 11,48,594 units in the same time last year to 7,91,316 units in April–June, two-wheeler exports fell by 31%.

Similarly, commercial vehicle shipments decreased to 14,625 units in the first quarter from 19,624 units in the April to June 2022–23 fiscal period. This represents a 25% decrease.

Additionally, three-wheeler exports decreased 25% to 73,360 units in the reviewed period from 97,237 units in the June quarter of the previous year.

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