Automobile exports dip 17 pc in Apr-Sep : SIAM
Jone
16 October 2023, 11:55am
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.
Credit: The Economic Times
Automobile exports from India declined 17 percent year-on-year in the
April-September period this fiscal hit by geopolitical and monetary crises in
various countries, industry body SIAM said on Monday. Overall
overseas shipments stood at 22,11,457 units in the first six months of the
current fiscal, as compared with 26,80,527 units in the same period of last
year.
Passenger vehicle (PV) exports surged while two and three-wheeler
and commercial vehicle shipments declined during the period under
review as compared with April-September 2022-23.
PV shipment was higher by 5 percent to 3,36,754 units in the first half of the current fiscal, as against 3,20,506 units in the year-ago period.
Commercial
vehicle shipments declined to 31,864 units in April-September 2023, down 25 percent from 42,306 units in the same period last fiscal.
Two-wheeler exports dipped 20 percent to
16,85,907 units from 21,04,845 units in the first six months of the last financial
year.
Three-wheeler shipments declined to 1,55,154 units from 2,12,126 units in the year-ago period.
SIAM President Vinod Aggarwal said exports have
been under pressure mainly for two reasons.
Firstly, because of geopolitical issues in some
regions and secondly, due to pressure on forex reserves in some geographies, he
added.
"A lot of work is going on, including facilitating trade in rupee terms, so it (exports) is expected to improve going ahead," Aggarwal said.
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