Toy exports hold steady amidst global challenges

Toy exports steady: Toy exports remained relatively stable at $152.34 million in the fiscal year 2023-24, experiencing a marginal decline from the previous year's $153.89 million, as per a report by the Global Trade Research Initiative (GTRI).

Despite efforts to bolster the domestic industry and ensure product safety through mandatory quality control orders (QCO), the report indicates that these measures haven't substantially boosted toy exports.

Founder of GTRI, Ajay Srivastava, noted that while QCOs have curbed substandard imports, they haven't translated into higher exports from India. He emphasised the need for a comprehensive approach to industry development.

The report advocates for strategies to enhance India's toy sector, including fostering a robust domestic ecosystem, attracting global toy brands for local manufacturing, and investing in research and development for innovative designs.

Furthermore, it suggests setting up specialised manufacturing hubs, modernising traditional toys while preserving cultural significance, and supporting small and medium enterprises through digital marketing and international promotion.

Highlighting India's minimal share in the global toy market, the report underscores the dominance of China, which exports toys worth $48.3 billion, commanding an 80 per cent share. India's share, at $167 million, represents only 0.3 per cent of global exports.

On the import front, India ranks low, with toy imports totaling $60 million, contrasting sharply with the USA's import of toys worth $22.2 billion, making it the largest importer.

India's efforts to boost domestic production include raising import duties on toys and mandating adherence to Indian safety standards through QCOs. These measures aim to strengthen the local industry and reduce dependency on imports, fostering self-sufficiency.

(with PTI inputs)