Automobile Exports FY24: “The decline is owing to the ongoing geopolitical issues including the Russia-Ukraine and Israel-Gaza conflicts and some countries where we are very strong in two wheeler and commercial vehicle exports are facing foreign exchange (forex) issues,” Vinod Aggarwal, President, Society of Indian Automobile Manufacturers (SIAM) told ETAuto.
Automobile shipments from India declined 21% last year due to monetary crises in overseas markets, according to SIAM data. Overall exports fell to 42,85,809 units from 52,04,966 units in 2022. Passenger vehicle shipments increased by 5% to 6,77,956 units, while commercial vehicles, two-wheelers, and three-wheelers saw declines in exports. Two-wheeler exports slipped 20% to 32,43,673 units, and three-wheeler exports declined 30% to 2,91,919 units.
Overall exports stood at 42,85,809 units last year compared to 52,04,966 units in 2022. Passenger vehicle shipments rose 5% to 6,77,956 units last year from 6,44,842 units in 2022.
Though China’s property market is in crisis and domestic expenditure remains weak, the Chinese government still has multiple economic policy tools under its belt to revitalise the economy, writes Yan Liang (Willamette University).
Automobile exports from India have dropped by 17% in the April-September period of this fiscal year, according to SIAM. The decline is attributed to geopolitical and monetary crises in various countries. Passenger vehicle exports have increased by 5%, while two and three-wheeler and commercial vehicle shipments have declined. SIAM President Vinod Aggarwal stated that exports have been affected by geopolitical issues and pressure on forex reserves in certain regions. Efforts are being made to improve exports, including facilitating trade in rupee terms.