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Pharma exports report 0.63 per cent growth in December 2024
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Gireesh Babu, New Delhi
January 27 , 2025
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Exports of drugs and pharmaceuticals during the month of December, 2024 registered less than one per cent growth, a decline compared to the growth reported in the previous months.
The growth of exports during the first nine months of the fiscal year 2024-25 also reported a decline compared to the growth reported during the first eight months of the financial year.
According to data from the ministry of commerce and industry, exports of drugs and pharmaceuticals during the month of December, 2024 reported a meagre 0.63 per cent growth to $2.49 billion compared to $2.47 billion reported in the same period of previous year.
For the nine month period from April to December, 2024, the growth was at 6.36 per cent at $21.7 billion as compared to $20.40 billion in the same period of last year.
It may be noted that the exports stood at 2.16 billion in November, 2024, with 1.12 per cent growth compared to $2.14 billion in the same period of previous fiscal year. Exports from April to November, 2024 reported a growth of 7.16 per cent at $19.21 billion as compared to $17.92 billion in the same period of previous fiscal year.
In Rupee terms, the growth was 2.69 per cent during the month of December, at Rs. 21,183.22 crore, as compared to Rs. 20,628.43 crore during the same month of last year. Exports in the first nine months of the fiscal year, in Rupee, grew 7.85 per cent to around Rs. 1.82 lakh crore, as compared to around Rs. 1.69 lakh crore in the same period a year ago.
Imports of medicinal and pharmaceutical products, on the other hand, grew 10.58 per cent for the month of December, at $827.57 million as compared to $748.40 million in the same period last year. During the first nine months of the fiscal year, imports grew 6.42 per cent to around $6.62 billion as compared to $6.22 billion in the same period last year.
In Rupee terms, the imports grew 12.85 per cent during the month of December, 2024, at Rs. 7,033.21 crore as compared to Rs. 6,232.61 crore during the month a year ago. During the period from April to December, 2024, imports grew 7.94 per cent to Rs. 55,551.39 crore as compared to Rs. 51,464.02 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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