India’s Toys Export Surge By 239% - China’s Loss and India's Gain

30 March 2024
India Trade

Remember the childhood days spent hours in the ground with plastic soldiers, tanks, and guns or afternoons spent making the dream world with clays, bricks, painting etc? The memories of childhood toys are about to be replaced with the taste of Indian culture and uniqueness as India is expanding its toy market worldwide by exporting toys.


As per the reports, Indian exports of Toys, Games, and sports articles between 2014-15 to 2022-23 increased by 239% whereas the imports fell by 52%. Further, the report presented the current market size of the industry is USD 1.7 billion, and expected to reach USD 4 Billion by 2032 with a 10.5 annual growth rate.


Let’s try to understand the factors behind the success of the Indian Toy industries’ faith from net importer to net exporter with our trade intelligence platform.


India’s Export-Import of Toys


If you look at trade data from Q1 of 2022 to Q3 of 2023, it shows Indian Toy market was heavily dependent on China, In Q1 of 2022, the total import value of toys, games and sports articles increased from USD 65177 thousand to USD 72748 thousand in Q3 of 2023. On the other hand, the Export of Toys from the UAE to India increased drastically from 7.7 million in 2022 to 69 million in 2023 till Q3, this exponential growth is attributed to the strengthening of bilateral trade.

 

Countries

2022

2023

Q1

Q2

Q3

Q4

Q1

Q2

Q3

China

65177

49915

69720

62711

52545

53114

72748

UAE

2430

2230

1526

1543

19288

18871

30888

Singapore

1480

1146

1626

1656

1864

2312

7624

Japan

4168

3905

5742

5374

6571

6476

7014

USA

3906

4795

5834

6844

6901

7073

5987

 

***Value Thousand USD

 

India’s export of Toys, Games, and Sports articles touched new heights in Q3 of 2023 with USD 74735 thousand increased from USD 42843 thousand in Q1 of 2022, this increase in export value is more than the total of all top countries including the UK, Germany, Australia and the Netherlands. For a better understanding, go through the table.

Countries

2022

2023

Q1

Q2

Q3

Q4

Q1

Q2

Q3

USA

42843

63975

70603

31013

27255

44378

74735

UK

18324

16273

22052

15106

14637

16147

20976

Germany

8357

9002

10779

6288

5210

8445

11039

Australia

6738

7490

10978

6786

5936

8291

10431

Netherlands

3481

4683

8191

5473

3031

6815

8321

 

***Value Thousand USD

 


Product Wise Export of Indian Toys


You have been presented with trade data on top exporting, and Importing countries for Indian toys, games, and sports articles from Q1 of 2022 to Q3 of 2023.


But What are the top products exported from India to the world? Explore this with quarterly data from Q1 of 2022 to Q3 of 2023. Let’s answer this.


The export of festivals, carnivals other entertainment articles, etc. fluctuated a lot from Q1 of 2022 to Q3 of 2023. The total value increased to USD 67124 in Q3 of 2023 from USD 15358 and decreased to 12998 in Q4 of 2022. The trend also continues in 2023. The total market size of Articles & equipment related to general physical exercise, gymnastics, etc. crossed the mark of USD 1,41,553 thousand in 2023 till Q3.

Product Name

2022

2023

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Festival, carnival or other entertainment articles, etc.

15358

47868

67124

12998

9398

32025

70636

Tricycles, scooters, pedal cars & wheeled toys; dolls' carriages; dolls, etc. 

39352

40700

53584

33557

26213

35258

49151

Articles & equipment for general physical exercise, gymnastics, etc.

52201

45702

48840

43540

44979

47487

49087

Video game consoles & machines, table or parlour games, incl. printables, etc.

9146

8479

9788

9136

7033

7904

7991

Fishing rods, hooks, line fishing tackle, nets etc.

3595

2521

2527

1691

1991

2526

1769

 

***Value Thousand USD


India Toys Export to USA


The demand for Indian toys in the American market is gaining popularity and finding a lasting place for its expansion. Strengthening of bilateral trade relations between the USA and India prepares the plinth for businesses to explore the untapped market. For instance, the export of festivals and carnival toys crossed the mark of USD 40.1 million in Q3 of 2023, and for the wheeled toys it crossed USD 19.8 million.

Product Name

2022

2023

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Festival, carnival or other entertainment articles, etc.

8511

32407

35313

5104

5004

19909

40979

Tricycles, scooters, pedal cars & wheeled toys; dolls' carriages; dolls, etc. 

15318

18180

20206

11670

9855

12098

19876

Articles & equipment for general physical exercise, gymnastics, etc.

11315

8836

9182

8918

8779

8567

10079

 

***Value Thousand USD

 

Here, you may ask, what are the significant steps taken by the Indian Govt through which India has changed the position of net importer of toys to net exporter, with a drastic increase in exports by 239%? Let’s answer this with –

Steps Taken To Improve Exports


                    1.     National Action Plan for Toys 2020 –


This majorly focuses on design and manufacturing, attracts investment, promotes trade with region-specific toys, etc.


                    2.     Standardized BIS for Toys –


The Bureau of Indian Standards (BIS) has brought the strictest laws and regulations for quality and safety for all toys sold in India. Due to this, the import of toys from China drastically falls.


                    3.     Promoting Domestic Manufacturing –


Govt increased the custom duties on toys to 70% in March 2023 to make the domestic toys industry more cost-effective.


                    4.     Shift in Global Toy Makers –


Rising labour costs and lack of skilled workforce in China, forcing the manufacturers to look for alternative bases in India.


                     5.     Trade Pacts –


Govt is actively working on bilateral and multilateral trade pacts for strengthening trade relations between countries. Doing this opens the doors for worldwide market access.


The constructive economic policies of the Indian government along with working on trade pacts, help India to become a net exporter of toys from net importer. This attracts and boosts the confidence of industries worldwide to export from India. For lasting growth, Govt need to work in a business-friendly environment.

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