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
Infrastructure Energy

India's Green Hydrogen Plan: Biomass Conversion

India is embarking on a transformative journey from barren lands to abundant green hydrogen production through biomass conversion. This innovative approach underscores India's commitment to harnessing renewable resources for sustainable energy solutions and reducing carbon emissions.

The plan involves utilising biomass, including agricultural and forestry residues, to produce green hydrogen, a clean and versatile fuel with immense potential for decarbonizing various sectors. By tapping into biomass resources, India aims to unlock a new avenue for green hydrogen production while addressi..

Next Story
Infrastructure Energy

India's Q1 Energy Shift: Renewables Overtake Coal

In a significant milestone, renewables accounted for 71.5% of India's energy production in the first quarter, surpassing coal for the first time in decades. This shift reflects the growing prominence of renewable energy sources in India's energy mix and underscores the country's commitment to sustainable development.

During the first quarter, India generated 13,669 megawatts (MW) of energy, with renewables contributing the majority share. This surge in renewable energy production highlights the strides made by India in transitioning towards cleaner and greener sources of power generatio..

Next Story
Real Estate

India's Office Leasing Demand Set to Exceed 70 Million Sq Ft in 2024

India's office leasing demand is projected to surpass 70 million square feet in 2024, reflecting a significant uptick in commercial real estate activity. The country's commercial office market continues to exhibit resilience and growth despite challenges posed by the global economic landscape.

Several factors are driving the surge in office leasing demand, including the expansion plans of multinational corporations, the emergence of startups, and the increasing adoption of flexible workspace solutions. As businesses strive to adapt to evolving work models and capitalise on emerging oppo..

Next Story
Infrastructure Transport

Indian container cargo set to expand by 8% in FY25 amidst Red Sea crisis

CareEdge Ratings forecasts that Indian container cargo volume will experience an 8% growth, reaching 342 million tonnes (mt) in FY25. They also anticipate the risk of a prolonged Red Sea crisis. In a sectoral report, the agency mentions that the connection of the Dedicated Freight Corridor to Jawaharlal Nehru Port Trust (JNPT) in FY26, coupled with capacity expansions by ports, will likely propel the growth in container volumes in the medium term. According to the report, significant adverse movements in charter rates affecting cargo volumes, as well as vessel additions by shipping lines, will..

Next Story
Infrastructure Transport

Nalanda Capital Sells Stake in Great Eastern Shipping

Nalanda Capital has divested a 1.4% stake in Great Eastern Shipping, a prominent player in the ports and shipping industry, for a total sum of Rs. 1.90 billion. This move comes amidst evolving market dynamics and reflects Nalanda Capital's strategic realignment of its investment portfolio.

The sale of shares in Great Eastern Shipping represents a calculated decision by Nalanda Capital to optimise its investment holdings and capitalise on market opportunities. The transaction, valued at Rs. 1.90 billion, underscores the investor's confidence in realising returns while maintaining flexibi..

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram