Overall, Indian Automobile Exports totalled 1,032,449 units in Q1, ending June 30, 2023, compared to 1,425,967 units in the same period last year. The decline can be attributed to the devaluation of currencies in the destinations of the exports, particularly Africa and various developing nations, stated Society of Indian Automobile Manufacturers (SIAM) Director-General, Rajesh Menon.
The affected countries are grappling with limited foreign exchange availability, directly impeding vehicle sales. “These countries are currently prioritizing the import of essential items, despite a present demand for vehicles among consumers,” Menon added.
Total passenger vehicle shipments in Q1 also reported a downturn, with 152,156 units being shipped, marking a 5% decrease from the 160,116 units shipped in the April-June period of 2022.
Both passenger car and utility vehicle shipments witnessed a drop. Passenger cars shipments fell from 104,400 units to 94,793 units, while utility vehicle shipments saw a slight decline from 55,547 units to 55,419 units, compared to the same period last year.
Among individual automobile manufacturers, Maruti Suzuki India took the lead, exporting 62,857 units in Q1 of 2023, albeit less than the 68,987 passenger vehicles exported in the same period last year. Hyundai Motor India followed with shipments of 35,100 units, a slight increase from the 34,520 units shipped the previous year. Kia India came in third, shipping 22,511 units, showing a growth from the 21,459 units exported in the same quarter last year.
Exports of two-wheelers and commercial vehicles also took a hit. Two-wheeler exports shrunk by 31% to 791,316 units, down from 1,148,594 units in the same period last year. Commercial vehicle shipments dipped to 14,625 units in the first quarter, marking a 25% decrease from the 19,624 units shipped in the April-June period of the 2022-23 fiscal.
The export of three-wheelers also declined 25% to 73,360 units, a significant drop from the 97,237 units in the June quarter of the last fiscal year.
The current economic challenges faced by Africa and other developing countries continue to have a domino effect on international trade, with India’s automobile industry feeling the impact in this quarter.
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