Automobile exports from India dip 5.5% in FY24

Automobile exports from India declined 5.5% in FY24 due to the monetary crisis in various overseas markets, according to the latest data shared by industry body SIAM.

Automobile exports from India declined 5.5% in FY24 due to the monetary crisis in various overseas markets, according to the latest data shared by industry body SIAM.

Overall exports stood at 45,00,492 units in the last fiscal compared to 47,61,299 units in FY23.

Commenting on the drop in overseas shipments last fiscal, SIAM President Vinod Aggarwal said the situation remains volatile in various overseas markets.

"Some of the countries, where we are very strong with commercial vehicle and two-wheeler exports, have been facing foreign exchange-related issues," he noted.

The last fiscal saw a sizeable drop in commercial vehicle, two-wheeler and three-wheeler shipments, although passenger vehicles grew marginally.

However, in the January-March quarter this year, we have seen good recovery, especially for two-wheelers, indicating better potential for the rest of the year, he said.

"We are very hopeful that going forward, the situation will improve," Mr. Aggarwal added.