Automobile exports from India rise 15.5 pc in Q1

MUMBAI: Automobile exports from India increased by 15.5% year-on-year in the June quarter, according to data from the Society of Indian Automobile Manufacturers (SIAM). The total shipments reached 11,92,577 units, up from 10,32,449 units in the same period last year.

Exports of passenger vehicles rose by 19%, with 1,80,483 units shipped in the first quarter, compared to 1,52,156 units in the previous year. Maruti Suzuki India led this category, exporting 69,962 units, up from 62,857 units last year. Hyundai Motor India followed, exporting 42,600 units, an increase from 35,100 units.

Two-wheeler exports saw a 17% increase, reaching 9,23,148 units in the first quarter, compared to 7,91,316 units in the same period last year.

Commercial vehicle exports grew by 8% year-on-year, with 15,741 units shipped compared to 14,625 units last year.

Three-wheeler exports, however, declined by 3%, with 71,281 units shipped in the April-June period, down from 73,360 units last year.

SIAM President Vinod Aggarwal expressed optimism about the growth in exports, noting that it indicates a recovery, especially in the commercial vehicle segment. He highlighted that exports had previously dropped significantly, but the first quarter of this fiscal year has shown positive growth for both two-wheelers and passenger vehicles.

Last fiscal year, automobile exports from India had declined by 5.5% due to monetary issues in various overseas markets. The total exports stood at 45,00,492 units, down from 47,61,299 units in the previous fiscal year.

Aggarwal is hopeful that this upward trend in exports will continue, signaling a recovery for the Indian automobile industry.