Worldwide Trade Analysis of Indian AYUSH Products

ABSTRACT Ayurveda, Unani, Siddha, Homeopathy, and Sowa Rigpa are among the widely practiced traditional medical systems in India. The Ministry of AYUSH, Government of India, oversees and supports the development, regulation, and promotion of these traditional healthcare practices. These systems rely heavily on the usage of medicinal plants (typically gathered from forests), their extracts, and medications. The current study's goal is to assess the trade dynamics of AYUSH goods in India. The export and import values of AYUSH goods were analyzed from the year 2006 to 2021. As per the commodity code, the AYUSH products have been categorized into three parts: Medicinal and Aromatic Plants (MAP's), plant extracts, and AYUSH medicaments and pharmaceuticals. The commodity code HS, pertaining to AYUSH products, was accessed using the UN Comtrade database. The United States and Germany currently ranked first and second to which India exported MAP's between 2011 and 2021. The United States has been India's primary destination for exports of plant extracts. In contrast, with a 17.42% and a 12.44% share, the United States continues to be the largest exporter of AYUSH products to India, and Germany and the United States continue to be the top importers of AYUSH products. Notwithstanding the many difficulties the global economy faces, there has been a positive increase in the export and import of medicinal plants, extracts, and herb‐based pharmaceuticals. Establishing standards for AYUSH products with worldwide compliance, value chain traceability, and AYUSH branding on a global scale are necessary to foster confidence.