Export of vehicles from the country decreased by 21 percent last year: SIAM

Export of vehicles from the country decreased by 21 percent last year: SIAM

Vehicle exports from the country have declined by 21 percent last year (in 2023). Vehicle manufacturers’ organization SIAM gave this information. SIAM said many foreign markets are struggling with monetary and geopolitical crises, which has led to a decline in vehicle exports. Last year, total vehicle exports stood at 42,85,809 units, while in 2022 this figure was 52,04,966 units. However, exports of passenger vehicles increased by five percent to 6,77,956 units in 2023 from 6,44,842 units in 2022. At the same time, there has been a decline in the export of commercial vehicles, two-wheelers, and three-wheelers during this period. Exports of two-wheelers declined by 20 percent last year to 32,43,673 units from 40,53,254 units in 2022. Similarly, exports of commercial vehicles declined from 88,305 units to 68,473 units. Exports of three-wheelers declined by 30 percent to 2,91,919 units from 4,17,178 units last year.

Rajesh Menon, director general of the Society of Indian Automobile Manufacturers (SIAM), said passenger vehicle exports in 2023 were supported by new vehicle launches and pent-up demand from markets such as South Africa and the Gulf region. In the current financial year, during April-December, Maruti Suzuki India exported the maximum of 2,02,786 vehicles. This is six percent more than the figure of 1,92,071 units in the same period a year ago. Hyundai Motor India exported 1,29,755 units during this period, while the figure was 1,19,099 units in the same period of the last financial year. Kia India exported 47,792 units during this period. Whereas Volkswagen exported 33,872 vehicles, Nissan 31,678, and Honda Cars 20,262 vehicles. Also, read this.