India’s Toys Exports Dip By $25 Mn In Last 3 Yrs: Centre
The exports have declined due to international headwinds, geo-political tension, the Red Sea crisis and an overall decline in global demand for toys
As the global market experienced a dip in the demand for toys in recent years, India’s toy exports have registered a dip of USD 25 million in the last three years. The Minister of State (MoS) for Commerce and Industry Jitin Prasada stated that the country’s toys export market has declined from USD 177 million in 2021-22 to USD 152 million in 2023-24.
In a written reply to the Rajya Sabha, the MoS highlighted that the drop is due to the lack of demand in the global market. He pointed out that the country’s key export markets including the United States of America, the United Kingdom and Germany have reported a 16 to 20 per cent decline in toys imports.
The MoS stated, “On account of international headwinds, geo-political tension, Red Sea crisis and an overall decline in global demand of toys, the exports have declined marginally in 2023-24 as compared to 2022-23 from USD 153.89 million to USD 152.34 million.”
In addition, the MoS mentioned the measures taken up by the government along with the efforts of the country’s manufacturers have resulted in the growth of the toy industry as the imports have registered a decline of 76 per cent, taking the figure from USD 276 million in 2014-15 to USD 65 million in 2023-24.
The Centre has mandated quality norms and increased the customs duties to help domestic toy players reduce their import dependency from China. The steps include the formulation of the National Action Plan for toys consisting of 21 action points. In order to curb the imports of sub-standard toys, the Centre has ensured sample testing of each import consignment.
