India made record electronics and pharma exports in 2023

 India has made remarkable progress in the electronics goods and pharmaceutical sector. Despite the global market slowdown, India has made record electronics and medicines exports. India import export data shows 26% growth in the exports of electronics goods items and estimated to be $16.7 Billion. The overall exports of electronics items were recorded to be $85 billion during 2023. 

India’s major electronics items exports include electrical capacitors, transformers, circuits, smartphones, displays, etc. South Korea was the major market for India's electronics items exports with 52% share of India's electronics exports. Hong Kong was the second biggest importer of India's electronics items imports. 

Nepal, Vietnam, United States, United Kingdom and United Arab Emirates were the fastest growing markets for India's electronic items. Samsung India, Panasonic Life Solutions, Novateur Electrical and Jagan Lamps were the leading electronics items export companies from India. 

Whereas, India import data shows over $69 billion worth of electronics items in 2023. China and Taiwan were the two biggest electronic items suppliers to India with over 64% market share. Whereas, Japan, South Korea, Malaysia, Vietnam and Germany were the fastest growing market for electronics items exports.

Foxconn India was the top electronic item import company from India recorded the maximum number of shipments. India's pharmaceutical exports rose by 8% to $15.88. India export data shows over $70 billion worth of medicaments were exported in 2023. The United States was the biggest importer of pharmaceutical items with over 33% market share. 

India's medicaments showed significant demand from European markets such as Germany, Belgium, United Kingdom, Slovenia and Hungary. Among the fastest growing markets for India’s medicaments exports were Japan, Canada and South Africa. Cipla, Medica, Hetero Labs and Granules India were the biggest pharmaceuticals export companies from India in terms of shipments.

On the other hand, India's pharmaceutical imports were estimated to be over $2.4 billion during 2023. The United States and Germany were the two most favoured destinations for the pharmaceutical imports by India. Over the years, there was a rise in the imports of medicines from Switzerland, Italy, China, Netherlands, Denmark, Brazil and France. Novo Nordisk India, Novartis India and Sanofi India were the leading medicaments import companies from India.

India has done some progressive amounts of exports last year.  Through advanced trade intelligence tools from global import export data providers, Indian companies can extend their business in the international market as well. This cost effective BI tool comprises 200+ countries import and export reports. 

Companies can identify potential pharmaceutical and electronics items market demand, top exporting/importing companies, product pricing, container volumes, and port details. It helps businesses make important decisions regarding product pricing, production evaluation, procurement, sourcing, and competitor analysis. The global trade information could help companies uncover genuine international buyers and get more orders. 

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