International Toy Fair To Commence On 6 July

EE News Desk Jul 05, 2024

With over 100 foreign buyers, more than 250 Indian brands will showcase their products at the fair, organised at Pragati Maidan

Over 300 domestic companies and more than 100 foreign buyers from countries such as the US, Germany and more are set to participate in the four-day international toy fair starting on 6 July in the national capital, according to a statement.

During the fair, over 250 Indian brands will showcase their products at Pragati Maidan, as noted by Naresh Kumar Gautam, Senior Vice President of the Toy Association of India. Gautam highlighted that the 15th Toy Biz International B2B Expo 2024 is the largest fair of its kind in South Asia.

He pointed, "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."

Additionally, Gautam mentioned that Toy Biz offers a platform for industry players to network and connect, facilitating collaborations, partnerships, and joint ventures. As the CEO of Noida-based Little Genius Toys, Gautam also suggested that the government should provide fiscal support to manufacturers for organising such fairs.

"At least Rs 1 lakh should be given to all the stalls in these fairs. At present, we are providing hotel accommodation to foreign buyers and ticket costs up to Rs 1 lakh," he continued.

Gautam added that the expo can help raise awareness about the significance of the Indian toy industry both domestically and internationally.

He highlighted that various toy categories, including electronics, soft toys, playground equipment, and board games, will be showcased to buyers.

According to a report by the economic think tank GTRI, the country's toy exports declined marginally to $152.34 million in 2023-24 from $153.89 million in the previous financial year.

Since 2020, India has implemented measures to curb the inflow of substandard toy imports, particularly from China, and to strengthen the domestic toy industry.

A recent report proposed a comprehensive strategy to develop India's toy industry and boost exports. Suggested steps include building a robust domestic ecosystem, encouraging global toy brands to manufacture in India, learning from China, and localising the production of key inputs.

The report also recommended establishing specialised toy manufacturing hubs to reduce costs and increase efficiency, and modernising traditional Indian toys while preserving their cultural value to create unique products.

The report also recommended developing separate strategies for each category of toys, such as plush toys like stuffed animals (world trade is about $7 billion), educational toys (world trade is about $6 billion), construction toys like Lego ($10 billion), action figures and dolls ($10 billion), electronics ($15 billion), board games and puzzles ($9 billion), and outdoor and sports toys ($5 billion). In 2022, the global market imported toys worth about $60.3 billion, with China dominating the market by exporting toys valued at $48.3 billion, securing an 80 per cent share of global exports.

Other notable contributors to the global toy export market include the Czech Republic, with exports of $3.2 billion; the European Union, with $2.7 billion; Vietnam, with $1.7 billion; and Hong Kong, with $1.1 billion.

In contrast, India's share in the global toy export market is minimal, totalling $167 million and representing only 0.3 per cent of global exports, ranking it 27th.

On the import side, India ranks even lower, at 61st, with toy imports amounting to $60 million.

The largest importer of toys globally is the US, procuring a total of $22.2 billion, followed by the European Union at $9 billion, Japan at $2.8 billion, and Canada at $1.6 billion.

India began increasing import duties on toys starting in February 2020, raising the basic customs duty from 20 per cent to 60 per cent, and further to 70 per cent by July 2021.

The QCO, implemented in January 2021, mandates that all toys sold in India, whether produced domestically or imported, must adhere to specific Indian safety standards.