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At a time when domestic auto sales have been choked by Covid-19, Indian manufacturers finally have something to cheer about: the export market. According to data from SIAM (the Society for Indian Automobile Manufacturers), India’s total auto exports in the first quarter of fiscal 2021-22 (Q1, from April to June) was 1.4 million units, over three times the figure in the same period in the previous year. Two-wheeler manufacturers saw an especially large boost, exporting about 1.1 million units in this period, compared to 337,983 units a year ago. With the industry having seen major disruptions over the past year and a half due to Covid lockdowns and cutbacks on discretionary spending by consumers, this has proved a major relief.
As a matter of fact, export figures for two-wheelers in Q1 2021-22 were better even than figures from pre-Covid times, higher than exports in the previous three years (see graphic Outward Bound). Exports of passenger vehicles in Q1 2021-22 totalled 127,115 units, up from 43,619 in the same period in 2020-21. “Exports this year will definitely be better than last year, since many countries we export to did not go through the strict lockdowns that India has seen,” says R.C. Bhargava, chairman of Maruti Suzuki. His firm shipped the most passenger vehicles during this period—45,056 units—followed by Hyundai Motors India, which shipped 28,881 units.
The Ministry of Commerce and Industry has said that auto exports in the first half of calendar year 2021 increased nearly 50 per cent over last year in value terms, to $23.61 billion (Rs 1.7 lakh crore). This, it added, is the best auto exports performance since the first half of 2014, when exports were valued at $25.23 billion (Rs 1.8 lakh crore). Agencies quoted a ministry official saying the increased exports were due to South Korean auto companies in India increasing their “product competitiveness” despite an overall shortage of auto components. Sales of passenger cars from the Indian arms of South Korean firms Hyundai Motor and Kia in the US market increased by 48 per cent in the first half of this year on a year-on-year basis, breaking the highest sales record of both companies. Apart from the US, other major export destinations for Indian auto firms include West Asia, Latin America, Africa, Oceania (comprising Australia, New Zealand and other countries) and our Asian neighbours. The top two-wheeler exporters include Bajaj Auto, TVS Motor and Hero Motocorp. For FY21, Bajaj Auto and TVS together accounted for 78 per cent of India’s total two-wheeler exports. The major regions for two-wheeler exports include Africa, Southeast Asia, Latin America, the US and Europe.
www.indiatoday.in
As a matter of fact, export figures for two-wheelers in Q1 2021-22 were better even than figures from pre-Covid times, higher than exports in the previous three years (see graphic Outward Bound). Exports of passenger vehicles in Q1 2021-22 totalled 127,115 units, up from 43,619 in the same period in 2020-21. “Exports this year will definitely be better than last year, since many countries we export to did not go through the strict lockdowns that India has seen,” says R.C. Bhargava, chairman of Maruti Suzuki. His firm shipped the most passenger vehicles during this period—45,056 units—followed by Hyundai Motors India, which shipped 28,881 units.
The Ministry of Commerce and Industry has said that auto exports in the first half of calendar year 2021 increased nearly 50 per cent over last year in value terms, to $23.61 billion (Rs 1.7 lakh crore). This, it added, is the best auto exports performance since the first half of 2014, when exports were valued at $25.23 billion (Rs 1.8 lakh crore). Agencies quoted a ministry official saying the increased exports were due to South Korean auto companies in India increasing their “product competitiveness” despite an overall shortage of auto components. Sales of passenger cars from the Indian arms of South Korean firms Hyundai Motor and Kia in the US market increased by 48 per cent in the first half of this year on a year-on-year basis, breaking the highest sales record of both companies. Apart from the US, other major export destinations for Indian auto firms include West Asia, Latin America, Africa, Oceania (comprising Australia, New Zealand and other countries) and our Asian neighbours. The top two-wheeler exporters include Bajaj Auto, TVS Motor and Hero Motocorp. For FY21, Bajaj Auto and TVS together accounted for 78 per cent of India’s total two-wheeler exports. The major regions for two-wheeler exports include Africa, Southeast Asia, Latin America, the US and Europe.
Automobile export surge: Catching the trade winds
Auto exports surged across the board in the first quarter of 2021, with two-wheeler exports three times the figure for 2020
