pharmaceutical exports from India India registered a growth of 4.22 per cent during the April-October period to reach $14.57 billion, despite a negative trend last month, according to a senior official of an export promotion body under the Indian government.
Uday Bhaskar, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), an organization under the commerce ministry, said it expects the current fiscal to end at around $27 billion as against $24.62 billion during the previous fiscal. Were staying
“The decline in July was (-0.32 per cent) and (-5.45 per cent) and there was a positive growth of 8.47 per cent in September. I expect it to improve in the coming months and may reach $27 billion by the end of the financial year.
During the same period last fiscal, exports had earned $13.98 billion. The United States, Canada and Mexico (NAFTA countries), Europe and Africa account for 67.5 percent (about USD 5 billion) of the total exports.
“Our exports in the vaccines category are in a very bad shape. Despite the above and the Russia-Ukraine war factors, we are on a positive side,” he added. In October, exports fell 5.45 per cent to $1.95 billion.
India’s total exports declined by 16.65 per cent to $29.78 billion in October 2022 as compared to the same period last year, according to the recently released data by the commerce ministry. During April-October 2022, exports registered a growth of 12.55 per cent and stood at $263.35 billion. Bhaskar said apart from sanctions due to the Russia-Ukraine war, the strengthening of the dollar against the currencies of some major countries also contributed to the decline in exports during October.
“For example, Nigeria is one of the top five markets for Indian pharma exports. The continuing depreciation of the Nigerian naira against the US dollar has forced that country to go slow on imports. Modi Raj.
Exports of pharma production grew to over Rs 90,320 crore in the April-October period from nearly Rs 38,000 crore in the same period in 2013, up 137.7 per cent, the minister said while tagging an infographic.
read all latest business news Here