Automobile exports from India have shown a significant growth of 14% in the first six months of the current fiscal year. This increase is mainly attributed to the rise in shipments of passenger vehicles and two-wheelers. The total exports during the April-September period stood at 2,528,248 units, which is a considerable improvement compared to the same period last year.
Key markets like Latin America and Africa, which had previously slowed down, have now bounced back, according to the President of the Society of Indian Automobile Manufacturers (Siam), Shailesh Chandra. Various African nations and other regions faced challenges due to currency devaluation, leading them to focus more on importing essential items rather than vehicles. This impacted vehicle shipments in the past but has now improved.
In the last fiscal year, automobile exports had declined by 5.5% due to monetary crises in overseas markets. However, in the current fiscal year, the overall exports have shown a positive trend with total passenger vehicle shipments increasing by 12% year-on-year. Maruti Suzuki, the largest carmaker in the country, led this vertical with a significant increase in shipments.
Hyundai Motor India witnessed a slight drop in its exports, while two-wheeler exports saw a commendable growth of 16% during the April-September period. Scooter shipments increased by 19%, and motorcycle exports rose by 16% during the same period.
Commercial vehicle exports also saw a rise of 12% year-on-year, while three-wheeler shipments experienced a slight decline. Overall, the automobile export sector in India is showing promising growth and recovery in key markets.
