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Exports of drugs and pharmaceuticals from the country registered a 10.45 per cent growth in May, while imports reported a jump of over 8 per cent compared to the same month of previous year.
The exports for the month of May, 2024 stood at $2.30 billion as against $2.08 billion reported during the corresponding month of previous fiscal year, according to data from the ministry of commerce and industry.
Exports during the first two months of the fiscal year grew 8.85 per cent to $4.73 billion, as compared to $4.35 billion during the corresponding period of previous fiscal year.
In Rupee terms, the growth was 11.86 per cent at Rs. 19,196.38 crore during the month of May, as compared to Rs. 17,160.82 crore during the same period of last fiscal year.
For the two months of April and May, the exports reported 10.47 per cent growth, to Rs. 39,453.54 crore as compared to Rs. 35,713.69 crore during the corresponding period of last year.
Imports of medicinal and pharmaceutical products, for the month of May stood at $763.43 million, with a 8.67 per cent growth compared to $702.49 million during the same month of last year.
For the first two months of the fiscal year, the sector saw an import of $1.45 billion, as against $1.28 billion during the same period of previous year, with 8.67 per cent growth.
In Rupee terms, the imports grew 10.06 per cent during the month of May, to Rs. 6,366.50 crore, as compared to Rs. 5,784.53 crore during the corresponding period of previous fiscal year.
For the two months of the fiscal year, till May, the imports grew 14.71 per cent to Rs. 12,067.99 crore, as compared to Rs. 10,520.35 crore during the same period of previous year.
As reported earlier, the industry reported a 9.67 per cent growth in exports during the financial year 2023-24, as compared to a meagre 3.25 per cent growth reported during the fiscal year 2022-23. The month of March, 2024 saw the exports growing 12.73 per cent as compared to the same month of previous fiscal year.
The exports of pharmaceuticals for FY 24 stood at $27.85 billion as compared to $25.39 billion registered for the corresponding 12 months of financial year 2022-23, according to provisional official data. The growth is significant, compared to the 3.25 per cent growth in exports reported in 2022-23, as compared to $24.59 billion in the fiscal year 2021-22.
For the month of March, the Indian pharma firms registered exports of $2.80 billion as compared to $2.49 billion reported in the same month of last year, registering a growth of 12.73 per cent.
In Rupee terms, the pharma exports during the fiscal 2023-24 stood at Rs. 2.30 lakh crore, which is 13 per cent growth compared to Rs. 2.04 lakh crore of exports reported in the previous fiscal year. The exports in March stood at Rs. 23,262.4 crore, as compared to Rs. 20,458.97 crore, with a 13.7 per cent growth.
The imports of medicinal and pharmaceutical products, during the fiscal 2023-24 grew 2.02 per cent to $8.27 billion as compared to $8.10 billion in the previous fiscal year. The month of March, 2024 witnessed a decline of 2.85 per cent in imports, to $681.18 million as compared to $701.19 million in the same month of previous fiscal year.
Imports during the fiscal year of 2022-23 reported a decline of over 10 per cent, as compared to $9.07 billion reported during fiscal year 2021-22.
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