Passenger Vehicle export drops 75% in the first quarter of FY21

The export of Passenger Vehicle from the Indian subcontinent dropped down 75 percent in the first quarter of the current financial year. This happened as demand slipped because of the coronavirus caused Covid-19 pandemic and subsequent measures to contain it by countries across the globe.

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The cumulative exports of passenger Vehicle steeped down from 1,73,054 units in the year-ago period to 43,748 units in the April-June quarter. This data is by the Society of Indian Automobile Manufacturers’ or SIAM’s data.

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Passenger car exports dropped from 1,36,204 units in April-June quarter of 2019-20 to 31,896 units during the same quarter this year. This drop marks a decline of 76.58 percent. Overseas shipments of utility vehicles also dropped in a similar kind by 67.56 percent. The shipments stood at 11,813 units in the period mentioned above as against 36,418 units during the same period last year.

Exports of Vans was reported to be just 39 units during the quarter from 432 units in the first quarter of last fiscal. Van export saw a massive decline of 90.97 percent.

SIAM Director General Rajesh Menon said in a statement that the 75 percent fall in exports of passenger vehicles in April to June period of the financial year 2020-21 is because of the global disruptions caused by Coronavirus; And subsequent measures which led to the closure of plants and dealerships, interruptions in international trade, supply chain disruptions and curfews or lockdowns in several places.

However, a positive growth outlook is already visible in exports. And on the same note, an improvement in shipments is also expected in subsequent months. Passenger Vehicles from Indian land are mainly exported to countries in Latin America, Europe, Asia, and Africa.

In comparison to other automakers, Hyundai Motor India was the leader with exports totaling to 12,688 units in the April-June quarter. However, the export in percentage terms was 74.73 percent lower as against the same period of FY20.

Also Read: Exports fall by 60.28%, Record lowest in 4 years