India Automobile Exports: Automobile exports from India increased by 14% in April-September period

India Automobile Exports : Indian automobiles are emerging rapidly all over the world. Automobile exports from India grew by 14 percent on a year-on-year basis in the first six months of the current financial year. The main reason for this was the increase in shipments of passenger vehicles and two-wheelers. According to SIAM data, total exports in the April-September period stood at 25,28,248 units, 14 per cent higher than exports of 22,11,457 units in the same period last year.

Read :- SIAM FY24 Data: Wholesale sales of passenger vehicles increased by 8.4% in the financial year 2023-24, know the latest figures.

According to reports, Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra said, “Key markets like Latin America and Africa, which had slowed down due to various reasons, have come back. This has been the main reason for the comeback in exports.” He was replying to a question on the reasons for the surge in vehicle exports in the April-September period. Various African countries and other regions faced challenges due to the devaluation of currencies. This affected vehicle shipments as nations focused on importing essential goods.

According to reports, automobile exports declined by 5.5 percent in FY24 due to monetary crisis in various foreign markets. Total exports in the last financial year stood at 45,00,492 units, while in FY2023 it was 47,61,299 units. Total passenger vehicle shipments rose 12 per cent year-on-year to 3,76,679 units in the first half of the current financial year, compared to 3,36,754 units in the September quarter of FY24.