India's Automobile Exports Dip 5.5% in FY24
PORTS & SHIPPING

India's Automobile Exports Dip 5.5% in FY24

According to the latest data released by the Society of Indian Automobile Manufacturers (SIAM), automobile exports from India witnessed a decline of 5.5% in the fiscal year 2023-24 (FY24). This drop was attributed to the monetary crisis prevailing in various overseas markets. Overall exports stood at 45,00,492 units during the last fiscal, a decrease from 47,61,299 units recorded in FY23.

SIAM President Vinod Aggarwal commented on the decline in overseas shipments, highlighting the volatility in several international markets. "Some of the countries, where we are very strong with commercial vehicle and two-wheeler exports, have been facing foreign exchange-related issues," noted Aggarwal.

The fiscal year saw a significant decrease in commercial vehicle, two-wheeler, and three-wheeler shipments, although there was marginal growth in passenger vehicle exports. However, there was a noticeable recovery in the January-March quarter of the current year, particularly in the two-wheeler segment, indicating better prospects for the remainder of the fiscal year.

Aggarwal expressed optimism about the future, stating, "We are very hopeful that going forward, the situation will improve." In the passenger vehicle segment, exports increased by 1.4% to 6,72,105 units in FY24, with Maruti Suzuki leading the segment by shipping 2,80,712 units.

Hyundai Motor India exported 1,63,155 units, while Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars also contributed significantly to the passenger vehicle exports in the fiscal year.

However, two-wheeler exports experienced a dip of 5.3%, with commercial vehicle shipments dropping by 16% and three-wheeler exports declining by 18% in FY24 compared to the previous fiscal year.

SIAM remains cautiously optimistic about the outlook for the automobile export industry in the coming months, hoping for a turnaround amidst the challenges posed by the global economic scenario.

According to the latest data released by the Society of Indian Automobile Manufacturers (SIAM), automobile exports from India witnessed a decline of 5.5% in the fiscal year 2023-24 (FY24). This drop was attributed to the monetary crisis prevailing in various overseas markets. Overall exports stood at 45,00,492 units during the last fiscal, a decrease from 47,61,299 units recorded in FY23. SIAM President Vinod Aggarwal commented on the decline in overseas shipments, highlighting the volatility in several international markets. Some of the countries, where we are very strong with commercial vehicle and two-wheeler exports, have been facing foreign exchange-related issues, noted Aggarwal. The fiscal year saw a significant decrease in commercial vehicle, two-wheeler, and three-wheeler shipments, although there was marginal growth in passenger vehicle exports. However, there was a noticeable recovery in the January-March quarter of the current year, particularly in the two-wheeler segment, indicating better prospects for the remainder of the fiscal year. Aggarwal expressed optimism about the future, stating, We are very hopeful that going forward, the situation will improve. In the passenger vehicle segment, exports increased by 1.4% to 6,72,105 units in FY24, with Maruti Suzuki leading the segment by shipping 2,80,712 units. Hyundai Motor India exported 1,63,155 units, while Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars also contributed significantly to the passenger vehicle exports in the fiscal year. However, two-wheeler exports experienced a dip of 5.3%, with commercial vehicle shipments dropping by 16% and three-wheeler exports declining by 18% in FY24 compared to the previous fiscal year. SIAM remains cautiously optimistic about the outlook for the automobile export industry in the coming months, hoping for a turnaround amidst the challenges posed by the global economic scenario.

Next Story
Real Estate

Capacit’e Infraprojects Wins Rs 6.21 billion order from Saifee Burhani Upliftment Trust

Capacit’e Infraprojects has secured a Letter of Intent (LOI) worth Rs 6.21 billion (excluding GST) from Saifee Burhani Upliftment Trust (SBUT) for the execution of core and shell works, finishing, MEPF services, and other associated components of the redevelopment project—Sector 07 of the Saifee Burhani Upliftment Project—located at Ward ‘C’, Bhendi Bazaar, Mumbai. This is the third repeat order from SBUT to Capacit’e Infraprojects, underscoring the trust and satisfaction of a long-standing client in the company’s project delivery capabilities. Commenting on the develop..

Next Story
Resources

K Raheja Corp's Volunteering Drive Brings Back-to-School Cheer for Underprivileged Kids

Real estate major K Raheja Corp concluded its latest community initiative under the ‘Time Off for Volunteering’ programme, titled Paint a Pair, Show You Care. Held in association with NGO ConnectFor, the campaign was part of a larger 'Back to School' drive aimed at supporting underprivileged students from the Jhanvi Charitable Trust. More than 45 employees from across group companies—Mindspace Business Parks, Chalet Hotels Ltd., K Raheja Corp Homes, and Inorbit Malls—came together to hand-paint over 60 pairs of canvas shoes for children preparing to return to school. Volunteers al..

Next Story
Infrastructure Urban

CCI Worldwide Logistics Launches ‘Trans Africa’ Freight Service

CCI Worldwide Logistics, the international freight forwarding arm of the CCI Group, has launched ‘Trans Africa’—a technology-led logistics platform aimed at streamlining cross-border trade across Africa. The company is investing Rs 1.06 billion in the initiative, targeting an annual freight volume of 5,000 TEUs by air and sea, with an estimated 15 per cent return on investment. The service is being rolled out in key markets such as Nigeria, Kenya, South Africa, Ghana, and Egypt, with planned expansion into Francophone West Africa, Central Africa, and landlocked nations including Uga..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?