International Toy Fair To Begin On July 6 With Over 100 Foreign Buyers

More than 300 domestic companies and over 100 foreign buyers from the US, Germany and other countries are expected to participate in the four-day international toy fair beginning on July 6 in the national capital. More than 250 Indian brands will display their products during the fair, which is being organised at Pragati Maidan Delhi. 

Largest fair in South Asia

Gautam said that the 15th Toy Biz International B2B Expo 2024 is the largest fair in South Asia. “It is a big platform for Indian toy makers to showcase their products and capabilities to the global audience. It helps us attract new customers and partners, expand market reach for our toys and boost exports. Toy Biz also provides a platform for industry players to network and connect with each other, which can help foster collaborations, partnerships and joint ventures. “At least Rs 1 lakh should be given to all the stalls in these fairs. Wooden toy maker Gautam said that different categories of toys will be showcased to buyers such as electronics, soft toys, playground equipment and board games.

India’s toy industry and boosting exports

The country’s toy exports declined marginally to USD 152.34 million in 2023-24 from USD 153.89 million in the previous financial year, according to a report by economic think tank GTRI. India has taken several steps since 2020 to curb the inflow of substandard toy imports, especially from China, and strengthen the domestic toy industry. The report has proposed a comprehensive strategy aimed at developing India’s toy industry and boosting exports. It has suggested steps such as developing a robust domestic ecosystem, encouraging global toy brands to manufacture in India, learning from China, and localise production of key inputs.

Unique products

The report recommended setting up specialized toy manufacturing hubs to reduce costs and increase efficiency; modernising traditional Indian toys while preserving their cultural value to create Unique products. It has also asked for making separate strategies for each group of toys such as plush toys like stuffed animals (world trade is about USD 7 billion); educational toys (world trade is about USD 6 billion); construction toys like LEGO (USD 10 billion); action figures and dolls (USD 10 billion); electronics (USD 15 billion); board games and puzzles (USD 9 billion); and outdoor and sports toys (USD 5 billion).

Global market imported toys

In 2022, the global market imported toys valued at about USD 60.3 billion. Dominating this market, China exported toys worth USD 48.3 billion, securing an 80 per cent share of the global exports. Other significant contributors to the global toy export market include the Czech Republic with exports of USD 3.2 billion, the European Union with USD 2.7 billion, Vietnam with USD 1.7 billion, and Hong Kong with USD 1.1 billion. In contrast, India’s share in the global toy export market is minimal, totalling USD 167 million, which represents only 0.3 per cent of the global exports, ranking it 27th.

Import duties

On the import side, India ranks even lower, at 61st, with toy imports amounting to USD 60 million. The US is the largest importer of toys with a total procurement of USD 22.2 billion. It is followed by the European Union (USD 9 billion), Japan (USD 2.8 billion), and Canada (USD 1.6 billion). India raised import duties on toys beginning in February 2020. The basic customs duty was increased from 20 per cent to 60 per cent and then to 70 per cent in July 2021. Implemented from January 2021, the QCO mandates that all toys sold in India, whether domestically produced or imported, must comply with specific Indian Standards for safety.