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.
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.
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.
General Motors India, which has stopped selling cars here, posted a growth of 17.54 per cent in exports at 83,140 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)