Exports of two-wheelers, passenger vehicles and three-wheelers from India declined by 35 per cent in February mainly due to the weakening of currencies against the US dollar in destination countries, especially in the African continent.
According to data released by industry body SIAM, shipments of two-wheelers, passenger vehicles and three-wheelers declined to 3,01,561 units last month from 4,63,025 units in February 2022.
Two-wheeler exports dropped by 37 per cent to 2,35,087 units last month from 3,75,689 units in the year-ago period. Motorcycle shipments declined to 2,01,097 units last month from 3,49,221 units in the year-ago period. Scooter exports, however, rose to 33,378 units as compared with 24,830 units in February 2022. Total three-wheeler shipments declined by 45% to 19,640 units in Feb from 35,997 units in the same month last year. “Two-wheelers, three-wheelers and commercial vehicles have seen a drop in exports in last few months, as there has been a devaluation of currencies in many destination,” SIAM DG Rajesh Menon said.
These countries have been facing challenges of availability of foreign reserves, which is limiting the sales of vehicles and countries are focusing more on imports of essential items, though the demand for vehicles from consumers exists in these markets, he added.