Indian auto exports decline 21% in 2023, passenger vehicles buck trend with 5% growth

  • Industry News
  • Jan 18,24
This downturn was attributed to monetary and geopolitical crises in various overseas markets. The overall exports totalled 42,85,809 units in the last year, down from 52,04,966 units in 2022.
Indian auto exports decline 21% in 2023, passenger vehicles buck trend with 5% growth

According to the latest data from the Society of Indian Automobile Manufacturers (SIAM), automobile shipments from India saw a 21% decline last year. This downturn was attributed to monetary and geopolitical crises in various overseas markets. The overall exports totalled 42,85,809 units in the last year, down from 52,04,966 units in 2022.

While passenger vehicle shipments experienced a positive trend, increasing by 5% to reach 6,77,956 units in the past year compared to 6,44,842 units in 2022, other segments faced export declines. Two-wheeler exports fell by 20% to 32,43,673 units, commercial vehicle shipments declined to 68,473 units, and three-wheeler exports saw a substantial 30% decrease to 2,91,919 units.

Rajesh Menon, the Director General of SIAM, explained that the growth in passenger vehicle exports in 2023 was driven by new vehicle launches and pent-up demand in markets such as South Africa and the Gulf region. He also noted that a smoother supply chain, in contrast to the previous year's disruptions, contributed to the positive performance. However, challenges in availability of foreign exchange in regions where two and three-wheelers are sold have kept demand subdued.

In the passenger vehicle segment for April-December of the current fiscal year, Maruti Suzuki India led with exports of 2,02,786 units, marking a 6% increase from the previous year. Other notable contributors included Hyundai Motor India, Kia India, Volkswagen, Nissan, and Honda Cars, showcasing varying export figures during this period.

Source: Business Standard

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