New Delhi: Automobile exports from India declined 17 per cent year-on-year in the April-September period this fiscal hit by geopolitical and monetary crises in various countries, industry body SIAM said 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 5 per cent 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 per cent from 42,306 units in the same period last fiscal.
Two-wheeler exports dipped 20 per cent to 16,85,907 units from 21,04,845 units in the first six months of last financial year.
Three-wheeler shipments also 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 due to 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.
PTI