Toys exports decline due to fall in global demand, says Jitin Prasada
New Delhi: The government on Friday said India’s toy exports dipped from $177 million in 2021-22 to $152 million in 2023-24 due to overall decline in the global demand of these products.
In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that India’s key export markets including the USA, UK and Germany have also registered decline in toys imports by 16-20 per cent.
“The decline in India’s exports of toys from $177 million in 2021-22 to $152 million in 2023-24 is due to overall decline in global demand of toys,” he said. He added that the various initiatives of the government together with the endeavours of the domestic manufacturers have resulted in remarkable growth of the Indian toy industry.
The imports have declined by 76 per cent from $276 million in 2014-15 to $65 million in 2023-24. “However, on account of international headwinds, geo-political tension, red sea crisis and overall decline in global demand of toys, the exports have declined marginally in 2023-24 as compared to 2022-23 from $153.89 million to $152.34 million,” Prasada said.
The government’s steps such as mandatory quality norms and increase in customs duties have significantly helped the domestic toy players to reduce dependence on Chinese imports.