Pharma exports report 9.3% growth in Q1, FY25
Posted on July 23, 2024 Updated on July 21, 2024
Exports of drugs and pharmaceuticals from the country registered a 9.3 per cent growth in the first three months of the fiscal year from April to June, 2024, while imports reported a jump of 12.4 per cent, compared to the corresponding quarter of previous year.
The exports during the three months stood at $7.20 billion, as against $6.59 billion in the same period of previous fiscal year. During the month of June, the exports registered a 10 per cent growth at $2.47 billion as compared to $2.25 billion reported in the same month of last year.
Imports, on the other hand, reported a growth to $2.15 billion during the three months, as compared to $1.95 billion in the same period of previous fiscal year. For the month of June, exports stood at $708.44 million as compared to $666.40 million registered in the corresponding month of previous year, with a 6.31 per cent growth.
In Rupee terms, the exports for the three month ended June, 2024 registered a growth of around 11 per cent to Rs. 60,083.82 crore as compared to Rs. 54,178.58 crore during the corresponding period of last year. The month of June reported 11.6 per cent growth in exports at Rs. 20,603.38 crore, as compared to Rs. 18,464.89 crore during the same month of previous fiscal year.
It may be noted that the first quarter of the fiscal year 2023-24, from April to June, 2023, the exports grew over 5 per cent to $6.59 billion as against $6.26 billion during the correspondent quarter of previous fiscal year.
The imports for the first quarter of the fiscal year 2023-24 reported a decline of around 7 per cent from $2.12 billion in the same quarter of fiscal year 2022-23, according to data.
Exports of drugs and pharmaceuticals from the country in the month of May, 2024 registered a 10.45 per cent growth, while imports reported a jump of over 8 per cent compared to the same month 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, 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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