India's pharmaceutical exports exceeded $31 billion in FY26, despite a significant 23% decline in March compared to the previous year. The Directorate General of Commercial Intelligence and Statistics (DGCIS) reported that shipments to the US fell by 10% and to China by 11.54%. Experts, including Namit Joshi, chairman of Pharmexcil, attribute the slowdown to overstocking in the US due to higher tariffs imposed last year, while China's focus on high-value imports has also affected demand. Notably, exports in March showed a 10.6% increase over February, indicating potential recovery. The NAFTA region saw a 7.9% decline, and shipments to the UK decreased by 1.2%. In contrast, Africa experienced a 13% surge in exports, while Oceania and Latin America also reported growth. Drug formulations and biologicals dominated the export landscape at $23.08 billion, with vaccines leading the charge with a 26.4% increase to $1.5 billion. However, exports of Ayush and herbal products fell by 7.3% to $638.7 million.