Pharma export registers decline of 3.13% in February

New Delhi, March 12, 2022:

Exports of pharmaceuticals from the country registered a decline of 3.13 per cent during February, 2022, to $1.94 billion as compared to $2 billion in the same month of last year. The 11 month period from April 2021 has reported a marginal growth of 0.16 per cent, as compared to the same period of previous fiscal year.

According to the preliminary data from the ministry of commerce and industry in February, 2022, when India’s merchandise export grew 22.36 per cent to $33.81 billion over $27.63 billion in the same period of last year, the commodity group of drugs and pharmaceuticals has registered an exports of $1.94 billion.

This is 5.73 per cent of the total exports during the month of February, 2022, and is the fifth largest commodity group in terms of exports during the month after engineering goods, petroleum products, gems and jewellery and organic and inorganic chemicals.

It may be noted that the pharmaceutical exports have registered a decline in five out of the last six months from September, 2021. Exports of drugs and pharmaceuticals have registered a decline in the three consecutive months from September, October and November, with exports declining 8.45 per cent, 0.88 per cent and 7.03 per cent respectively, compared to the corresponding months of the previous year, owing to various issues including multifold increase in freight charges and a decline in exports to US, among others.

The sector turned back to growth in December, 2021, with a growth of 5.2 per cent to $2.32 billion as compared to $2.2 billion in the same month of previous year.

However, the month of January, 2022, once again reported a dip of 1.15 per cent in exports to $2.05 billion as compared to $2.08 billion registered in the same month of 2021.

Meanwhile, the exports for the first 11 months of the fiscal 2021-22 has grown marginally to $22.19 billion, till February 2022, as compared to $22.15 billion during the same period of fiscal year 2020-21.

Exports for the ten months ended January, 2022, has grown 0.44 per cent to $20.24 billion as compared to $20.15 billion reported in the same period of last fiscal year.

Following the decline in sales, the industry experts have earlier said that it may miss the target of $29 billion set by the government earlier. The year 2020-21 saw an exceptional growth of 18.19 per cent in exports, to $24.4 billion, which is the level of growth that happened after eight years. Pharmabiz