The drop in ocean freight and a jump in inquiries from international markets have pushed exports of processed food and packaging films from companies in Indore to over 8–10 percent growth in the financial year 2024.
Dinesh Mishra, associate vice president at a packaging film business in the Special Economic Zone (SEZ), said, “Exports have revived and are going firm because ocean freights have drastically decreased from COVID-19 times.
The transportation has become smooth, and this is helping exports.” The pharmaceutical sector, a leading contributor to the state’s export basket, has seen some pick-up in orders. But high logistic expenses and a lack of parity have kept a lid on growth.
Exports of frozen vegetables and processed food have also witnessed a surge post-Covid-19 after buyers shifted preference from China to India, said exporters and food processors. Indore, a leading trading center in Madhya Pradesh, exports earth-moving equipment, packaging films, pharmaceutical products, paper disposals, processed food, and other items to different countries across the world.
The exports from software companies operating from the SEZ also jumped 66 percent to Rs. 2,925 crores during FY23, according to official figures. Exports from companies in the Crystal IT Park SEZ stood at Rs. 640 crores, up 7 percent from a year ago. Exports of pharmaceuticals from the MSME, though, could not increase much due to non-competitive prices in the international market.