The European Union (EU) region is the second largest export destination for Indian pharma. In the past one year, the thrust on exports to the EU has potentially increased compared to last year due to the current global situation, according to the Pharmaceuticals Export Promotion Council of India (Pharmexcil).
This increase in exports to the EU is attributed to the global recession, inflation at an all time high for most developed countries, interest rates shooting up with India’s growth performance.
“Indian pharma exports to Europe from April 2022 till February 2023 was US$ 4.53 billion with a growth rate of 14 per cent. The same period in the FY 2022, the exports to the EU was US$ 3.98 billion. This was the highest growth recorded in the last one year from the region perspective,” informed Dr Lakshmi Prasanna Chundu, director, regulatory affairs, Pharmexcil.
The European Union is a supranational political and economic union of 27 member states that are located primarily in Europe. The EU countries are Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
“Pharmexcil is also proposing a business delegation to three countries in the Central and Eastern part of Europe to give a fillip to the sustained momentum in exports to the EU region,” Dr Prassana concluded.
Union minister of commerce and industry Piyush Goyal recently announced that India’s overall exports, that includes services and merchandise exports, have crossed US$ 750 billion today. This is an all time high and this achievement of US$ 750 billion comes in the 75th year of independence as India celebrates the Azadi Ka Amrit Mahotsav.
Goyal highlighted how the exports have risen from US$ 500 billion in 2020-2021 to this figure in extremely challenging times.
Goyal also stated that a series of Free Trade Agreements (FTAs) are under different stages of discussion to further expand the trade of India and will further open up game changing opportunities for the economy.
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