India’s pharmaceutical exports to Latin America have increased by an impressive 23% reaching 790 million dollars in the first eight months of 2020 from April to November, according to the statistics of Commerce Ministry of India. The 23% increase is even more significant in the context of the 13% fall in India’s total exports to the region
The increase was over 100% in the case of Peru with 99 million dollars in the eight months of 2020 as against the previous whole year’s ( 12 months from April 2019 to March 2020) figure of 69 million dollars. Peru has overtaken Chile as the second largest destination of Indian pharma, after Brazil.
The second highest increase was to Mexico with 83 million dollars as against 63 m in the previous whole year.
Here are the export figures for other markets for April-Nov 20 with Apr 2019-March 2020 figures in brackets in millions of dollars
Brazil 200 (298)
Chile 74 (93)
Colombia 44 (65)
Venezuela 42 (39)
Dom Republic 34 (39)
Guatemala 31 (43)
Ecuador 18 (30)
Bolivia 14 (24)
Argentina 14 (22)
Honduras 17 (23)
El Salvador 14 (15)
Nicaragua 12 (18)
Panama 13 (11)
India is supplying covid vaccines to Brazil and other countries in the region. This Vaccine Diplomacy has enhanced India’s image as the ‘pharmacy of the world’.
Latin America is projected to have a GDP growth of 3.7% in 2021 after the estimated contraction of 7.7% in 2020
Given this recovery of growth and enhanced image, India’s pharma exports should increase in the coming years.
India’s global pharma exports have gone up by 16% in the first eight months of 2020 reaching 12.6 billion dollars, despite the 16% decline in India’s total exports to the world.
India’s pharma exports to US (the #1 market of India) have increased by 14% in the period April-Nov 2020, reaching 4.8 billion dollars. For the first time, pharmaceuticals rank as the #1 export of India to US, overtaking diamonds, gem and jewellery exports.
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