India's passenger vehicle exports declined for the first time in seven years.
New Delhi: India's passenger vehicle exports declined for the first time in seven years in 2017-18 with a dip of 1.51 per cent as major exporters focus on domestic market, while lingering impact of GST refund also affected overseas shipments.
According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) exports in 2017-18 were at 7,47,287 units as against 7,58,727 units in the previous year.
"This is the first decline in exports of passenger vehicles since 2010-11 when it declined 0.41 per cent," SIAM Deputy Director General Sugato Sen said.
Explaining the reasons behind the fall, he said some major exporters of PVs have prioritised the domestic market over exports and are focussing here. Moreover, the exporters are struggling with the GST refund issue and the auto industry has a total of around Rs 1,000 crore pending refund, he added.
In 2017-18, Hyundai Motor India, which used to be the number one exporter of PVs, posted a decline of 7.39 per cent in overseas shipments at 1,53,942 units. Likewise, another major exporter Nissan Motors India posted 38.03 per cent decline in exports at 67,829 units.
Honda Cars India also saw its exports decline by 3.21 per cent at 5,611 units. Tata Motors also posted a decline of 40.94 per cent in exports at 2,587 units during the year. Maruti Suzuki India however had a marginal increase of 1.53 per cent in exports at 1,23,903 units. On the other hand, Ford India was the biggest exporter of PVs, posting a growth of 14.31 per cent at 181,148 units in 2017-18.
General Motors India, which has stopped selling cars here, posted a growth of 17.54 per cent in exports at 83,140 units. Volkswagen India also saw exports grow by 4.06 per cent at 90,382 units. According to SIAM, two-wheeler exports in 2017-18 were up 20.29 per cent at 28,15,016 units as against 23,40,277 units in the previous financial year.