Image Source : PIXABAY Representative Image
Automobile exports from India increased 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal.
Passenger vehicle exports stood at 1,80,483 units in the first quarter, registering a jump of 19 per cent over 1,52,156 units in the same period last year.
Maruti Suzuki India led the space with shipments of 69,962 units in the period under review. It exported 62,857 units in the first quarter of the 2023-24 fiscal.
Hyundai Motor India exported 42,600 units in the April-June period. It had shipped 35,100 units in the same period last year.
Two-wheeler exports stood at 9,23,148 units in the first quarter, up 17 per cent as against 7,91,316 units in the year-ago period.
Commercial vehicle shipments rose 8 per cent year-on-year to 15,741 units in the first quarter as compared with 14,625 units a year earlier.
Three-wheeler shipments, however, saw a drop of 3 per cent year-on-year to 71,281 units in the April-June period this year as against 73,360 units in the year-ago period.
SIAM President SIAM Vinod Aggarwal said it is a good sign for the industry that exports have started doing well.
“I think that’s a very good sign that exports seem to have bottomed out, especially in the commercial vehicle segment…we have started seeing the growth from the first quarter this year,” he noted. Till last year, there was a huge drop in the export volume of trucks and buses, he added.
“But Q1 has been good even for two-wheelers and passenger vehicles. We are very positive that exports have started to recover,” Aggarwal said.
Automobile exports from India had declined 5.5 per cent in FY24 due to the monetary crisis in various overseas markets.
Overall exports stood at 45,00,492 units in the last fiscal year as compared with 47,61,299 units in FY23.
(With PTI inputs)
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