New Delhi: Automobile exports from India plunged 15.87 per cent to 2.44 lakh units last month due to a continuing demand slump in major overseas markets of Africa and Latin America.
According to the latest data of industry body Society of Indian Automobile Manufacturers (Siam), the domestic industry had shipped 2.90 lakh units in the corresponding period last year.
It is after three months of growth that automobile exports fell last month. In January, shipments had grown by 3.8 per cent, 0.95 per cent in February and 6.53 per cent in March.
“Exports have declined overall. Every segment seems to have gone down and that is largely because African and Latin American markets are facing a lot of challenges right now,” Siam director general Vishnu Mathur told PTI.
Elaborating further, he said a decline in commodity exports and a downward spiral in crude prices have led to a decline in income in the African markets.
“In Latin America again, their currencies have been badly hit due to inflation. Therefore, the purchasing power of people has gone down there,” Mr Mathur added.
Mexico, Argentina, Nigeria and Algeria are some of the largest export markets for the Indian auto industry.
Terming it a global challenge, Mr Mathur said: “We will have to wait and see what happens. I don’t think there is a very immediate high positive outlook because basic structural things need to happen.”
In April, three-wheeler exports from the country were the worst hit as shipments declined 61.86 per cent to 18,135 units compared with 47,548 units a year ago.
Exports of passenger carrier three-wheelers were down by a whopping 62.23 per cent at 17,876 units as against 47,333 units last year.
Total two-wheeler exports during the period under review declined 10.8 per cent to 1,65,456 units compared with 1,85,480 units during the year-ago period.
Motorcycle exports were down 15.28 per cent at 1,48,498 units as against 1,75,277 units in the previous year.
Meanwhile, scooter exports grew 71.09 per cent to 15,485 units as against 9,051 units last year.
Commercial vehicles exports also declined 2.68 per cent during the month to 6,826 units.
However, passenger vehicle shipments rose 6.6 per cent during the last month and stood at 53,651 units. Passenger car exports rose 2.27 per cent to 43,758 units while utility vehicle shipments grew 30.05 per cent to 9,708 units.