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Automobile exports from India dip 28 pc in Q1 as several markets hit by monetary crisis Automobile e

17 Jul 2023

Automobile exports from India declined 28 per cent in the April-June period this year hit by monetary crisis in Africa and various other developing countries, according to the latest data shared by industry body SIAM. Overall exports stood at 10,32,449 units in the first quarter ended on June 30, 2023 as compared with 14,25,967 units in the same period of last year.

"All vehicle segments have seen a drop in exports in the first quarter, as there has been a devaluation of currencies in many destinations of exports, especially in Africa and other developing countries," Society of Indian Automobile Manufacturers (SIAM) DG Rajesh Menon said.

These countries have been facing challenges of availability of foreign exchange, which is limiting the sales for vehicles and countries are focusing more on imports of essential items, though the demand for vehicles from consumers exists in these markets, he added.

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