Exports of pharmaceutical products from the country increased by 9.01 percent in September compared to the same time the previous year. Exports increased by 5.02 percent in the first six months of the current fiscal year. According to figures from the Central Government, exports in September 2023 were $2.39 billion, up from $2.19 billion in the same month last year. The increase over the previous month's exports of $2.24 billion is approximately 6.7%.
Exports were $13.36 billion in the six months from April to September 2023, up from $12.72 billion in the same time the previous year, as per pharmabiz. Imports increased by 3.38 percent in September, reaching $623.48 million, up from $603.11 million in the same month last year. From April to September 2023, total imports increased modestly to $4.07 billion, up from $4.06 billion during the same time the previous fiscal year.
According to the Ministry of Health and Family Welfare, India's drug and pharmaceutical product exports increased by 125% from Rs. 90,415 crore in 2013-14 to Rs. 2,04,110 crore in 2022-23. Drugs and pharmaceuticals account for 5.71 percent of India's overall exports. India ranks third in the world for drug and pharmaceutical production by volume, exporting to approximately 200 countries/territories, with the top five destinations being the United States, Belgium, South Africa, the United Kingdom, and Brazil.
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