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India’s drug export has gone up by 4.22 per cent to USD 14.57 billion during the April-October period despite a negative trend last month.
Pharmaceutical exports increased to over USD 90,32,000 crore during April-October period from nearly Rs. 38,000 crore in the same period in 2013 up by 137.7 per cent.
The drug export declined by 0.32 per cent in July and in August it went down by 5.45 per cent. In September it registered 8.47 per cent growth. In October, exports fell by 5.45 per cent to USD 1.95 billion. I am hopeful that it will be bounced back in the coming months and would reach USD 27 billion at the end of the fiscal as compared to USD 24.62 billion during the last financial year, said Udaya Bhaskar, director general of Pharmaceuticals Export Promotion Council of India (Pharmexcil).
The exports stood at USD 13.98 billion during the same period last fiscal. USA, Canada, Mexico, Europe and Africa account for 67.5 per cent (nearly USD 5 billion) of the total exports. "Our vaccine export is not doing well. Despite negative growth in July, August, October and Russia-Ukraine war, we are on a growth path," he said.
India's overall exports declined by 16.65 per cent to USD 29.78 billion in October 2022 as compared to the last year's period, according to data released by the Ministry of Commerce recently. During April-October 2022, exports recorded a growth of 12.55 per cent to USD 263.35 billion.
He cited sanctions resulting from the Russia-Ukraine war and strengthening of dollar against the currencies of several countries for decline in exports during October. "For example, Nigeria is one of the top five markets for Indian pharma exports. The continuous depreciation of Nigerian Naira against the US Dollar has forced that country to go slow on imports," he added.
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