"Key markets like Latin America and Africa, which had slowed down for various reasons, have bounced back. This has been the main reason for exports coming back," Society of Indian Automobile Manufacturers (Siam) president Shailesh Chandra said.
He was replying to a query on the reasons for the bouncing back of vehicle exports in the April-Sept period. Various African nations and other regions faced challenges due to devaluation of currencies. This impacted the vehicle shipments as the nations focussed on import of essential items.
Automobile exports declined 5.5% in FY24 due to the monetary crisis in various overseas markets. Overall exports stood at 45,00,492 units in the last fiscal year as compared with 47,61,299 units in FY23.
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