India's Automobile Exports Surge 14% In First Half Of Fiscal Year: SIAM

New Delhi, Oct 21 (KNN) India's automobile exports have shown significant growth in the first half of the current fiscal year, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

The overall exports increased by 14 percent year-on-year, reaching 25,28,248 units compared to 22,11,457 units in the same period last year.

SIAM President Shailesh Chandra attributed this growth to the recovery of key markets in Latin America and Africa, which had previously experienced slowdowns due to various economic factors.

These regions, which had faced challenges stemming from currency devaluations, have now rebounded, contributing to the resurgence in vehicle exports.

The passenger vehicle segment demonstrated strong performance, with exports rising by 12 percent to 3,76,679 units. Maruti Suzuki, India's largest carmaker, led this category with shipments of 1,47,063 units, marking a 12 percent increase from the previous year.

Hyundai Motor India, however, experienced a slight decline of 1 percent in its exports, shipping 84,900 units.

Two-wheeler exports showed impressive growth, increasing by 16 percent to reach 19,59,145 units. Within this category, scooter shipments rose by 19 percent to 3,14,533 units, while motorcycle exports grew by 16 percent to 16,41,804 units.

The commercial vehicle sector also posted positive results, with exports rising by 12 percent to 35,731 units. However, three-wheeler shipments saw a marginal decline of 1 percent, totalling 1,53,199 units.

This growth in exports marks a turnaround from the previous fiscal year, which saw a 5.5 percent decline due to monetary crises in various overseas markets.

The current upward trend suggests a recovering global market for Indian automobiles, with key segments showing resilience and growth despite ongoing economic challenges in some regions.

(KNN Bureau)