Automobile exports declined 5.5% in FY24 due to the monetary crisis in various overseas markets. New Delhi: Automobile exports from India in the first six months of the current fiscal year rose 14% year-on-year, led by gains in shipments of passenger vehicles and two-wheelers. According to Siam data, the overall exports in the April-Sept period stood at 25,28,248 units, up 14% as compared with 22,11,457 units in the year-ago period.
"Key markets like Latin America and Africa, which had slowed down for various reasons, have bounced back. This has been the main reason for exports coming back," Society of Indian Automobile Manufacturers (Siam) president Shailesh Chandra said.
He was replying to a query on the reasons for the bouncing back of vehicle exports in the April-Sept period. Various African nations and other regions faced challenges due to devaluation of currencies. This impacted the vehicle shipments as the nations focussed on import of essential items.
Automobile exports declined 5.5% in FY24 due to the monetary crisis in various overseas markets. Overall exports stood at 45,00,492 units in the last fiscal year as compared with 47,61,299 units in FY23.
