Toy exports marginally down at $152.34 mn in 2023-24, need strategy to push it: Report

The country’s toy imports, however, increased to 64.92 million in 2023-24 from 62.37 million in 2022-23

The country's toy exports declined marginally to $152.34 million in 202324 from $153.89 million in the previous financial year, according to a report. The Global Trade Research Initiative (GTRI) in its report said that India's toy exports did not benefit much from the mandatory quality control orders (QCO).

It said that while the domestic measures were primarily aimed at boosting local industry and ensuring safety, they did not significantly enhance India's toy exports. "From FY20 to FY22, exports increased modestly from $129.6 million to $177 million. However, by FY24, exports decreased to $152.34 million," the report said.

Imports, however, increased to $64.92 million in 2023-24 from $62.37 million in 2022-23.

GTRI Founder Ajay Srivastava said that the QCO checked substandard imports from China but did not result in higher exports from India.

Though India has taken decisive steps since 2020 to curb the inflow of substandard toy imports, especially from China, and strengthen the domestic toy industry, but "India needs to take more comprehensive approach for development of the industry," he said.