Exports of two-wheelers, passenger vehicles and three-wheelers from India declined by 35 per cent in February mainly due to the weakening of currencies against the US dollar in destination countries, especially in the African continent.
The exports of two-wheelers, passenger vehicles, and three-wheelers from India decreased by 35% in February. This decline was primarily attributed to the depreciation of currencies in the destination countries against the US dollar, particularly in the African continent.
The Society of Indian Automobile Manufacturers (SIAM) has released data showing a decline in exports of two-wheelers, passenger vehicles, and three-wheelers. The number of shipments of these vehicles decreased from 4,63,025 units in February 2022 to 3,01,561 units last month.
As per the given statement, the exports of two-wheelers witnessed a decline of 37% in February this year compared to the same period last year. The number of shipments decreased from 3,75,689 units in the year-ago period to 2,35,087 units last month. Motorcycle exports also decreased from 3,49,221 units to 2,01,097 units during the same period, indicating a drop of 42%.
Total three-wheeler shipments declined by 45 per cent to 19,640 units in February from 35,997 units in the same month last year.
“Two-wheelers, three-wheelers and commercial vehicles have seen a drop in exports in the last few months, as there has been a devaluation of currencies in many destinations, especially in Africa and other developing countries,” SIAM Director General Rajesh Menon told PTI.
Menon further added that these countries have been facing challenges of the availability of foreign reserves, which is limiting the sales of vehicles and countries are focusing more on imports of essential items, though the demand for vehicles from consumers exists in these markets.
Total passenger vehicle exports declined 9 per cent to 46,486 units from 51,213 units in the year-ago period, according to the Society of Indian Automobile Manufacturers (SIAM).
Menon informed that the exports of passenger vehicles are not much impacted due to currency devaluation.
Similarly, utility vehicle exports dropped to 21,139 units from 17,623 units in February 2022. Van shipments however rose to 140 units from 75 units in the year-ago period.
Last month, Bajaj Auto exported 115,021 units in the two-wheeler segment, representing a 37% decrease from the 182,814 units shipped in February 2022. Meanwhile, TVS Motor Company exported 45,624 units, reflecting a 52% drop from the year-ago period’s 94,427 units. Similarly, Honda Motorcycle and Scooter India and Hero MotoCorp also experienced a year-on-year decline in exports, with 20,111 and 12,143 units exported, respectively.
Maruti Suzuki India maintained its dominance in the passenger vehicle category by shipping 16,956 units last month, compared to 23,787 units exported in February 2022. Meanwhile, Hyundai Motor India witnessed an increase in its exports, with 10,850 units shipped last month, up from 9,109 units in the same period last year. Kia India shipped 7,406 units last month, showing a significant improvement from the 5,504 units exported in February 2022.
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