During the past month, passenger vehicle (PV) exports experienced a dip of 6.42 percent, with 53,237 units shipped compared to 56,888 units in May 2022. Despite this year-on-year (YoY) decline, there was a significant month-on-month (MoM) growth from 40,940 units exported in April 2023.

Maruti Suzuki emerged as the dominant player in car exports, with 6 of its models securing positions in the top 10 list. Maruti Suzuki Spresso is the highest exported car with 5,925 units in May 2023 showcasing a remarkable YoY growth of 60.48 percent. The second spot is held by Hyundai Xcent with 5,198 units shipped.

Speaking about the other notable performers from Maruti Suzuki’s stable are - Maruti Baleno with 4910 units, Maruti Celerio with 3413 units, Dzire with 2975 units, Ertiga with 2500 units and 2486 units of Swift. Apart from Maruti Suzuki, Volkswagen Virtus, Kia Sonet and Kia Seltos secured 5th, 7th and 10th positions.

A number of cars including Volkswagen Vento, Hyundai Santro, Volkswagen Polo, Maruti Suzuki S-Cross, Isuzu V-Cross, Toyota Fortuner, Honda Jazz and Honda W-RV recorded zero export units in May 2023.

The challenges of currency devaluation, inflation, and economic crises impacted car exports from India in May 2023, resulting in a YoY decline. However, the MoM growth indicates the potential for recovery and improvement in the coming months. The dominance of Maruti Suzuki in the export market underscores their successful strategies. As the industry navigates these challenges, it will be crucial to monitor government initiatives and explore opportunities to strengthen car exports. By adapting to changing market dynamics and leveraging competitive advantages, India\'s car export industry can strive towards sustainable growth in the future.

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