India's Toy Exports See Dip Amid Global Demand Decline

India's toy exports fell from USD 177 million in 2021-22 to USD 152 million in 2023-24, reflecting a broader global demand slump. Minister of State for Commerce and Industry Jitin Prasada highlighted the decline in key export markets. Despite this drop, domestic initiatives have strengthened the industry.

India's toy exports have experienced a noticeable decline, dropping from USD 177 million in 2021-22 to USD 152 million in 2023-24, according to government reports released on Friday. The overall global demand for toys has decreased, which has impacted India's export figures.

Addressing the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada noted that major export markets like the USA, UK, and Germany have seen toy import reductions of between 16-20 per cent. The decline is attributed to international headwinds, geopolitical tension, and overall reduced global demand.

Despite the dip in exports, Prasada pointed out that government initiatives and domestic manufacturers' efforts have fostered significant growth in the Indian toy industry. Import reliance on China has significantly dropped, with a decrease in imports from USD 276 million in 2014-15 to USD 65 million in 2023-24. Measures such as increasing customs duties, quality control orders, and a comprehensive National Action Plan for Toys have been instrumental in this shift.

(With inputs from agencies.)