Exports of two-wheelers, passenger cars and three-wheelers from India fell 35 percent in February, mainly due to the weakening of currencies against the US dollar in destination countries, particularly in the African continent.
Exports of two-wheelers, passenger cars and three-wheelers from India fell by 35% in February. This decrease was mainly due to the devaluation of the currencies in the target countries against the US dollar, especially on the African continent.
The Society of Indian Automobile Manufacturers (SIAM) has released data showing a decline in exports of two-wheelers, passenger cars and three-wheelers. The number of deliveries of these vehicles fell from 4,63,025 units in February 2022 to 3,01,561 units last month.
According to the given statement, exports of two-wheelers fell by 37% in February this year compared to the same period last year. Deliveries fell to 2,35,087 units last month from 3,75,689 units in the same period last year. Motorcycle exports also fell from 3,49,221 units to 2,01,097 units in the same period, a decrease of 42%.
Total tricycle deliveries in February fell 45 percent to 19,640 units, from 35,997 units in the same month last year.
“Exports of two-wheelers, three-wheelers and commercial vehicles have declined in recent months as many destinations experience currency devaluation, particularly in Africa and other developing countries,” said SIAM Director General Rajesh Menon PTI.
Menon further added that these countries face the challenges of foreign exchange reserve availability, which restricts vehicle sales, and that the countries are more focused on importing essential goods, although there is consumer demand for vehicles in these markets .
Total passenger car exports fell 9 percent to 46,486 units from 51,213 units in the same period last year, according to the Society of Indian Automobile Manufacturers (SIAM).
Menon said that passenger car exports were not badly affected by the currency devaluation.
Similarly, commercial vehicle exports fell to 21,139 units from 17,623 units in February 2022. However, van deliveries increased to 140 units from 75 units in the same period last year.
Last month, Bajaj Auto exported 115,021 units in the two-wheel segment, down 37% from the 182,814 units shipped in February 2022. Meanwhile, TVS Motor Company exported 45,624 units, down 52% from 94,427 units in the same period last year. Similarly, Honda Motorcycle and Scooter India and Hero MotoCorp reported year-on-year declines in exports, with 20,111 and 12,143 units exported, respectively.
Maruti Suzuki India maintained its dominance in the passenger car category with deliveries of 16,956 units last month compared to 23,787 units exported in February 2022. Meanwhile Hyundai Motor India recorded an increase in its exports with 10,850 units delivered last month versus 9,109 units in the same period of the previous year. Kia India delivered 7,406 units last month, a significant improvement from the 5,504 units exported in February 2022.