New Delhi: Indian toy makers received orders to the tune of more than 10 million USD at the five-day Nuremberg International Toy Fair held in Nuremberg, Germany, between January 30, and February 3, 2024, the Ministry of Commerce and Industry, disclosed here today.
According to the toy exporters, who showcased “high-quality” products, buyers from countries such as the United States, the United Kingdom, South Africa, and Germany showed interest in their products and placed a good number of orders.
While over 2,000 exhibitors from over 65 countries participated at one of the world’s largest toy fairs in Nuremberg, there were more than 55 participants from India this year. Among the most popular categories at the fair were those on wooden toys and educational learning toys.
The Indian toy makers said that the prestigious platform opened the doors for international joint ventures with the Indian manufacturing ecosystem gaining global acceptance. The interest of global players in partnering with the Indian industry has provided an impetus for the domestic manufacturers to enhance their manufacturing capacity for catering both, to the growing international and national market, they said.
The emerging international recognition of ‘Made in India’ toys, is expected to contribute to the increase in exports. A substantial decrease of 52% in the overall import of toys from USD 332.55 million in the Financial Year 2014-15 to USD 158.7 million in the Financial Year 2022-23 and an increase of 239% in the exports of toys from USD 96.17 million in Financial Year 2014-15 to USD 325.72 million in Financial Year 2022-23 has already been recorded.
The Indian manufacturers at the Nuremberg Toy Show stated that a considerable shift in the buyers’ approach and behaviour has been witnessed and India is now being recognized as a lucrative alternative sourcing destination due to the government’s stress on the ‘Toyeconomy’. They said tie-ups with internationally acclaimed big players including Snapdeal and Walmart were also in the pipeline.
According to the Indian toy industry, government initiatives like mandatory quality norms, an increase in customs duty and a National Action Plan on Toys (NAPT) encouraged the manufacture of high-quality toys that are attracting global attention.
– global bihari bureau