During the period from April to October, India's pharmaceutical exports increased by 4.22 percent to reach USD 14.57 billion, according to a senior official of an export development group under the Government of India.
Udaya Bhaskar, director general of the Indian government's Ministry of Commerce's Pharmaceuticals Export Promotion Council (Pharmexcil), projected that the current fiscal year would end with around USD 27 billion in pharmaceutical exports, up from the previous fiscal year's USD 24.62 billion.
There was a decline of 0.32 percent in July, followed by growth of 5.45 percent in August and 8.47 growth in September. According to Mr. Bhaskar, it "will improve over the following several months and possibly reach USD 27 billion by the conclusion of the fiscal year."
In the same time last fiscal year, exports took in $13.980 billion. Total exports to the US, Canada, Mexico (NAFTA countries), Europe, and Africa amount to over $5 billion (67.5%).
The global vaccine export market is in a bad situation. "Despite the above and Russia-Ukraine war factors, we are in a favorable situation," continued.
The value of total exports dropped by 5.45% to $1.95 billion in October.
According to figures recently issued by the Ministry of Commerce, India's total exports decreased by 16.65% in October 2022 to USD 29.78 billion, compared to the same month as the previous year. However, from April to October 2022, exports increased by 12.55 percent to 263.35 billion dollars.
Mr. Bhaskar said that in addition to the sanctions stemming from the Russia-Ukraine conflict, the strengthening of the dollar against the currencies of many essential nations also contributed to a fall in exports in October.
Nigeria, for example, is one of the top five export markets for Indian medicines. However, the ongoing depreciation of the Nigerian Naira relative to the U.S. dollar has prompted Nigeria to cut its imports.
In a recent tweet, Union Health Minister Mansukh Mandaviya said that India had become a global pharmaceutical powerhouse under the leadership of Prime Minister Narendra Modi.
From April through October 2014, exports of pharmaceutical products increased by 137.7 percent, from roughly Rs 38,000 crore in the same time in 2013 to over USD 90,32,000 crore.
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