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.
According to data released by industry body SIAM, shipments of two-wheelers, passenger vehicles and three-wheelers declined to 3,01,561 units last month from 4,63,025 units in February 2022.
Two-wheeler exports dropped by 37 per cent to 2,35,087 units last month from 3,75,689 units in the year-ago period. Motorcycle shipments declined to 2,01,097 units last month from 3,49,221 units in the year-ago period. Scooter exports, however, rose to 33,378 units as compared with 24,830 units in February 2022.
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.
These countries have been facing challenges of 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, he added.
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).
Passenger car shipments declined to 25,207 units last month from 33,515 units in February 2022. 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.
Menon noted that the exports of passenger vehicles are not much impacted due to currency devaluation.
"The profile of the customers to secure loans from the banks are also better (in the case of passenger vehicle segment), hence the vertical continues to grow," he noted.
In the two-wheeler space, Bajaj Auto exported 1,15,021 units last month, a drop of 37 per cent from 1,82,814 units in February 2022. TVS Motor company shipped 45,624 units, a drop of 52 per cent from 94,427 units in the year-ago period.
Similarly, Honda Motorcycle and Scooter India and Hero MotoCorp too witnessed year on year dip in their exports to 20,111 units and 12,143 units, respectively.
In the passenger vehicle segment, Maruti Suzuki India led the space with shipments of 16,956 units last month. It exported 23,787 units in February 2022.
Hyundai Motor India saw its exports increase to 10,850 units last month from 9,109 units in the year-ago period. Kia India shipped 7,406 units last month as compared with 5,504 units in February 2022.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
