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Pharma exports growth marks a low at 1.12 per cent in November
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Gireesh Babu, New Delhi
December 28 , 2024
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Exports of drugs and pharmaceuticals from the country registered a meagre growth of 1.12 per cent during the month of November, even as the exports growth for the first eight months of the fiscal year reported a growth of 7.16 per cent. Exports growth during the month is the lowest compared to the monthly export growth reported in the previous months of the current fiscal year.
According to data from the ministry of commerce and industry, exports during the month of November, 2024, stood at $2.16 billion, as compared to $2.14 billion registered in the same month of last year.
The sector reported an exports of $19.21 billion during the period from April to November, this year, as compared to $17.92 billion in the same period of previous year.
In Rupee terms, the growth was 2.41 per cent during the month of November, at Rs. 18,233.26 crore, as compared to Rs. 17,794.4 crore during the same month of last year. Exports in the first eight months of the fiscal year 8.57 per cent to around Rs. 1.61 lakh crore, as compared to around Rs. 1.48 lakh crore in the same period a year ago.
Imports of medicinal and pharmaceutical products, on the other hand, grew 18.92 per cent for the month of November, at $794.01 million as compared to $667.68 million in the same period last year. During the first eight months of the fiscal year, imports grew 7.43 per cent to around $5.88 billion as compared to $5.47 billion in the same period last year.
In Rupee terms, the imports grew 20.44 per cent during the month of November, 2024, at Rs. 6,698.62 crore as compared to Rs. 5,561.63 crore during the month a year ago. During the period from April to November, 2024, imports grew 8.87 per cent to Rs. 49,245.33 crore as compared to Rs. 45,231.41 crore during the corresponding period of last year.
It may be noted that the sector reported a growth of 8 per cent in exports in the first six months of the fiscal year from April to September, 2024, while imports grew 5.44 per cent, compared to the corresponding half of previous year.
The exports during the first six months stood at $14.43 billion, as against $13.36 billion in the same period of previous fiscal year.
Exports of drugs and pharmaceuticals from the country registered a growth of 8.21 per cent during the month of October, this year, as compared to the same month of last year. The sector clocked in exports of $2.62 billion during the month of October, as compared to $2.42 billion in the same period of previous year.
As reported earlier, 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, with a 9.7 per cent growth according to provisional official data. The growth was 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.
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. 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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