“In the first quarter, all vehicle segments experienced a drop in exports due to currency devaluation in many export destinations, particularly in Africa and other developing countries,” stated Rajesh Menon, the DG of SIAM.
These countries are facing challenges with foreign exchange availability, which has limited vehicle sales. The focus of these countries has shifted towards importing essential items, although there is still consumer demand for vehicles in these markets, Menon added.
In the June quarter, the total passenger vehicle shipments were recorded at 1,52,156 units, down 5% from 1,60,116 units in the April-June period of 2022.
The shipment of passenger cars dropped to 94,793 units in the reviewed period compared to 1,04,400 units in the corresponding period of the previous year.
Similarly, utility vehicle shipments witnessed a marginal decline to 55,419 units in the first quarter of this fiscal year compared to 55,547 units in the same period of the previous year. Maruti Suzuki India topped the list with shipments of 62,857 units in the June quarter, while it had exported 68,987 passenger vehicles in the April-June quarter of the previous fiscal year. Hyundai Motor India secured the second position with shipments of 35,100 units in the first quarter, compared to 34,520 units in the year-ago period.
Kia India stood at the third position with overseas shipments of 22,511 units. In the June quarter of the previous fiscal year, it had exported 21,459 units.
Two-wheeler exports declined by 31% to 7,91,316 units in the April-June period compared to 11,48,594 units in the year-ago period.
Similarly, commercial vehicle shipments witnessed a 25% dip, with 14,625 units in the first quarter compared to 19,624 units in the April-June period of the 2022-23 fiscal year.
Three-wheeler exports also experienced a 25% decline, with 73,360 units in the reviewed period compared to 97,237 units in the June quarter of the last fiscal year.