Riding Beyond Borders: India’s Children’s Bicycle Export Economy, Global Customers, Import Dependence and the Road from Ludhiana to the World A Case-Cum-Research Study of India’s Non-Motorised Bicycle Trade, 2020–2024

 

Riding Beyond Borders: India’s Children’s Bicycle Export Economy, Global Customers, Import Dependence and the Road from Ludhiana to the World

A Case-Cum-Research Study of India’s Non-Motorised Bicycle Trade, 2020–2024

Abstract

Children's bicycles represent an important but statistically hidden component of India's bicycle manufacturing and export industry. Unlike some other product categories, international trade databases generally do not provide a separate HS-6 classification for children's bicycles; consequently, their exports are incorporated within HS 8712, covering bicycles and other non-motorised cycles. This study therefore examines the children's bicycle segment through the broader HS 8712 trade basket while using company-level evidence to identify major manufacturers with children's bicycle portfolios.

The study analyses India's exports and imports during 2020–2024, major destination markets, principal import sources, leading Indian manufacturers and the changing export-import balance. India's HS 8712 exports increased from approximately US$43.65 million in 2020 to US$66.26 million in 2024, while imports declined sharply from approximately US$28.26 million to US$5.05 million. Thus, India moved from a modest trade surplus in 2020 to a substantially larger surplus by 2024. World Bank WITS/UN Comtrade data show that the UK, Mozambique, Netherlands, Nepal and the United States were the five largest destinations in 2024.

The evidence suggests that India's competitive opportunity in children's bicycles is particularly associated with affordable volume markets in Africa and South Asia, while Europe and the United States provide opportunities for higher-value and OEM/private-label products.

 

1. Introduction

The bicycle is one of India's oldest mass-manufactured mobility products, but its international role is changing. India's bicycle industry is moving beyond traditional domestic consumption toward a diversified export model involving Africa, Europe, South Asia, the Middle East and North America.

Within this industry, children's bicycles occupy a distinctive position. They are generally lower-priced than premium adult bicycles, but they can generate high unit volumes. This makes them particularly relevant to emerging markets where affordability is an important purchasing criterion.

The problem is that international trade statistics do not normally identify children's bicycles as a separate six-digit product category. Instead, they are incorporated into HS 8712. The uploaded source correctly identifies this statistical limitation.

Consequently, this paper asks:

How important is the children's bicycle segment within India's international bicycle economy, who manufactures it, who buys Indian bicycles, from which countries does India import bicycles, and has India's competitive position strengthened during 2020–2024?

 

2. Objectives of the Study

The study has six objectives:

To examine India's bicycle export performance during 2020–2024.

To assess the potential contribution of children's bicycles to India's export basket.

To identify India's major bicycle-exporting companies.

To identify major international customers/destination countries.

To identify countries from which India imports bicycles.

To statistically examine the export, import and trade-balance trends.

 

3. Research Questions

RQ1

Has India's bicycle export value increased during 2020–2024?

RQ2

Has India's dependence on imported finished bicycles declined?

RQ3

Which countries constitute India's major bicycle export markets?

RQ4

Which countries are India's major sources of imported bicycles?

RQ5

Does the available evidence support a growing international opportunity for Indian children's bicycles?

 

4. Scope and Data Methodology

The study uses HS 8712 – Bicycles and other cycles, including delivery tricycles, not motorised as the principal trade category.

Period

2020–2024

Data sources

World Bank WITS / UN Comtrade

Industry/company information

The source material supplied with the study

Company reports and official company websites

The WITS data report both trade value and quantity, permitting analysis of not only exports but also the number of bicycles exported. For example, India's 2024 HS 8712 exports were US$66.263 million involving 1.710 million units.

Important limitation

The analysis does not claim that all HS 8712 exports are children's bicycles. Instead:

HS 8712 exports = analytical proxy for the broader bicycle export economy in which children's bicycles form one component.

This distinction is essential for publication-quality research.

 

5. India's Bicycle Export Performance: 2020–2024

Table 1. India's HS 8712 Export and Import Performance

US$ million

Year	Exports	Imports	Trade Balance
2020	43.65	28.26	+15.39
2021	67.89	71.53	−3.63
2022	52.73	39.66	+13.07
2023	50.35	14.53	+35.82
2024	66.26	5.05	+61.21

Source: WITS/UN Comtrade; calculations by author.

Interpretation

The table reveals three distinct phases.

First, 2020–21: exports expanded sharply from US$43.65 million to US$67.89 million.

Second, 2021–23: exports corrected from the exceptional 2021 level, falling to US$52.73 million in 2022 and US$50.35 million in 2023.

Third, 2023–24: exports recovered strongly to US$66.26 million.

The more striking development, however, occurred on the import side. Imports fell from US$71.53 million in 2021 to only US$5.05 million in 2024. Consequently, India's bicycle trade balance reached approximately US$61.21 million in 2024.

 

6. Statistical Analysis

6.1 Export CAGR

Between 2020 and 2024:

CAGR=(66.2643.65)1/4

Export CAGR = approximately 11.0%

Thus, despite considerable year-to-year volatility, India's HS 8712 exports grew at approximately 11% annually on a compound basis between 2020 and 2024.

 

6.2 Import CAGR

India's HS 8712 imports declined from US$28.26 million in 2020 to US$5.05 million in 2024.

Import CAGR ≈ −35.0%

This is an exceptionally strong decline and indicates a substantial reduction in dependence on imported finished bicycles.

 

6.3 Linear Trend Regression

A five-observation OLS trend was calculated:

Y=a+bXY=a+bX

Table 2. Regression Results

Variable	Trend coefficient	R²	p-value	Interpretation
Bicycle exports	+2.77 million/year	0.173	0.486	Positive but statistically insignificant
Bicycle imports	−10.34 million/year	0.401	0.251	Negative but statistically insignificant

Interpretation

The regression coefficient for exports is positive, indicating an upward long-term direction. However, because the observation period contains only five annual observations and substantial volatility, the trend does not achieve statistical significance at the 5% level.

Therefore, the academically appropriate conclusion is:

India's bicycle exports demonstrate an economically meaningful upward movement, but the five-year sample is insufficient to establish a statistically significant linear trend.

This is stronger academically than simply claiming that exports are "growing significantly."

 

7. Year-on-Year Export Growth

Table 3. Export Growth

Year	Export value US$ mn	YoY growth
2020	43.65	—
2021	67.89	+55.53%
2022	52.73	−22.33%
2023	50.35	−4.52%
2024	66.26	+31.61%

The 2021 jump was followed by two years of correction, while 2024 produced a strong recovery.

The pattern therefore resembles volatile expansion rather than smooth linear growth.

 

8. India's Major Export Customers

The destination structure is one of the most important findings of the study.

Table 4. India's Five Largest Bicycle Export Markets, 2024

Rank	Country	Export value US$ mn	Units	Approx. share
1	United Kingdom	12.60	330,447	19.0%
2	Mozambique	10.81	237,372	16.3%
3	Netherlands	8.30	161,995	12.5%
4	Nepal	6.75	249,051	10.2%
5	United States	4.68	85,138	7.1%
Top 5		43.15		65.1%

Source: WITS/UN Comtrade.

Major finding

The top five markets accounted for approximately 65.1% of India's HS 8712 export value in 2024.

This indicates that India's bicycle exports are internationally diversified, but a relatively small group of markets still accounts for a substantial proportion of export value.

 

9. Who Are India's Customers?

India's customer structure can be divided into four strategic groups.

Table 5. Customer-Market Structure

Region	Important markets	Likely market characteristic
Africa	Mozambique, Zambia, Uganda, Malawi, Chad, Kenya	Affordable/high-volume bicycles
South Asia	Nepal, Bangladesh	Proximity and price-sensitive demand
Europe	UK, Netherlands, Germany, Poland, Ireland	Higher-value/OEM/private-label opportunities
North America	United States	Higher-value and specialised/OEM segments

For example, in 2024 India exported approximately US$10.81 million of bicycles to Mozambique, while Mozambique's bicycle imports from India exceeded those from China.

Nepal is another strategically important market: India's 2024 exports to Nepal were about US$6.75 million and 249,051 units.

 

10. Major Indian Bicycle Companies

10.1 Hero Cycles

Hero Cycles remains one of India's most internationally recognised bicycle manufacturers.

Hero's official export information indicates a presence across 80+ countries, with markets covering Africa, the Middle East, Asia/CIS, Latin America and Oceania.

Its portfolio includes children's products as part of its wider bicycle ecosystem.

10.2 Avon Cycles

Avon Cycles is particularly relevant to the children's bicycle question because its official international business portfolio explicitly includes Kids Cycles.

Avon reports:

80+ export countries

3.2 million+ annual production

exports since 1964

Europe and US export operations

OEM/ODM/OBM capabilities

dedicated export manufacturing facilities

Its reported international volumes include more than 150,000 bicycles annually to the UK and Europe, over 200,000 to the Middle East and Africa, and over 300,000 to the United States.

This makes Avon especially important for analysing how Indian manufacturers can combine children's bicycles with broader export portfolios.

 

10.3 TI Cycles

TI Cycles of India, associated with brands such as Hercules, BSA and Montra, represents another important organised-sector participant.

Its significance is not merely volume but brand diversification and product segmentation.

10.4 Other important manufacturers

The broader organised and export-oriented ecosystem includes:

Atlas

Eastman Industries

Leader

Firefox

Ninety One

numerous Ludhiana MSME manufacturers and OEM suppliers.

The supplied source identifies Hero, TI Cycles, Avon, Atlas and Eastman among the principal industry participants.

 

11. Children's Bicycle Contribution: What Can Actually Be Measured?

This is perhaps the most important methodological finding.

It is not possible to give a defensible exact percentage of India's bicycle exports attributable specifically to children’s bicycles using standard public HS-6 trade data.

Why?

Because:

HS 8712=Adult+Children′s+Utility+Other Non-motorised CyclesHS\ 8712 = Adult + Children's + Utility + Other\ Non\text{-}motorised\ Cycles

Therefore:

Children′s Bicycle Exports≠Total HS8712 ExportsChildren's\ Bicycle\ Exports \neq Total\ HS8712\ Exports

Instead:

Children′s Bicycle Contribution=Children′s Bicycle Export ValueTotal HS8712 Export Value×100Children's\ Bicycle\ Contribution = \frac{Children's\ Bicycle\ Export\ Value}{Total\ HS8712\ Export\ Value}\times100

The numerator is not separately available in the standard international trade database.

However, company-level evidence establishes that children's bicycles are an actual commercial product category. Avon, for example, explicitly lists Kids Cycles among its export categories.

Research implication

A publishable empirical study should therefore describe children's bicycles as:

"A statistically embedded sub-segment of India's HS 8712 export economy."

rather than assigning an unsupported percentage.

 

12. India's Bicycle Imports: Where Does India Buy From?

India's dependence on imported finished bicycles has changed dramatically.

Table 6. India's Major Bicycle Import Sources, 2024

Rank	Country/source	Import value US$ mn	Units
1	China	1.87	206,149
2	Other Asia, nes.	1.36	1,207
3	Sri Lanka	0.64	9,290
4	Cambodia	0.42	1,189
5	Indonesia	0.34	1,389
6	United Kingdom	0.17	2,076
7	Vietnam	0.15	475
	World	5.05	222,058

Source: WITS/UN Comtrade.

Important observation

China remains the largest individual source by value and overwhelmingly important by volume, but the absolute scale of India's finished-bicycle imports is now quite small compared with 2021.

In 2020, India imported US$28.26 million of HS 8712 products, including US$14.08 million from China and US$6.96 million from Sri Lanka.

By 2024, total imports had fallen to only US$5.05 million.

 

13. China: India's Biggest External Competitive Pressure

China's role has two dimensions.

Finished bicycles

China was India's largest source of finished HS 8712 bicycles in 2024.

Components

The dependence becomes much more significant when bicycle components are examined.

In 2024, India's imports of bicycle parts under HS 871499 were approximately US$25.92 million, of which China supplied approximately US$19.31 million.

Similarly, India imported approximately US$21.27 million of bicycle frames, forks and related parts under HS 871491 in 2024, with China accounting for approximately US$17.90 million.

This creates an important paradox:

India has become much less dependent on imported finished bicycles, while continuing to rely considerably on China for bicycle components.

This is an important finding for an export-oriented children's bicycle industry.

 

14. Export–Import Competitiveness

Table 7. Five-Year Trade-Balance Transformation

Year	Exports US$ mn	Imports US$ mn	Balance US$ mn
2020	43.65	28.26	+15.39
2021	67.89	71.53	−3.63
2022	52.73	39.66	+13.07
2023	50.35	14.53	+35.82
2024	66.26	5.05	+61.21

Interpretation

The trade balance improved by approximately:

61.21−15.39=US$45.82 million61.21-15.39=\mathbf{US\$45.82\ million}

between 2020 and 2024.

This is arguably more significant than the export growth itself.

 

15. Paired Statistical Test

A paired t-test comparing annual export and import values gives:

t = 2.188

p = 0.094

Therefore:

At the 5% significance level, the difference between exports and imports is not statistically significant with only five observations; however, the direction of the trade balance strongly changes in India's favour by 2024.

At the 10% level, the result becomes marginally significant.

Because n = 5, the result should be interpreted cautiously.

 

16. Spearman Rank Analysis

Table 8. Non-Parametric Trend Analysis

Variable	Spearman ρ	p-value	Result
Exports vs year	+0.300	0.624	Not significant
Imports vs year	−0.700	0.188	Negative but not significant

The import coefficient is particularly interesting.

Although not statistically significant because of the small sample, ρ = −0.700 indicates a strong directional decline in imports over the five-year period.

 

17. Case Analysis: The Children's Bicycle Opportunity

The case reveals a structural distinction between two markets.

Market A — Africa and South Asia

These markets favour:

affordable bicycles

simple mechanical design

durable frames

low maintenance

high-volume shipments

children's and utility cycles

Mozambique, Nepal, Zambia, Uganda and Malawi illustrate this market pattern. India's 2020 data already showed substantial exports to Nepal, Mozambique, Uganda, Bangladesh and Zambia.

Market B — Europe and North America

These markets increasingly reward:

safety certification

design

branding

OEM/private-label production

higher specifications

differentiated children's products

The UK and Netherlands became particularly important Indian destinations in 2024.

 

18. Five-Year Transformation of Export Geography

Table 9. Changing Major Markets

Year	Important markets
2020	Nepal, Mozambique, Uganda, UK, Germany
2021	Nepal, Mozambique, Netherlands, UK, Zambia
2022	Nepal, Mozambique, Germany, UK, Poland
2023	Mozambique, UK, Nepal, Zambia, Netherlands
2024	UK, Mozambique, Netherlands, Nepal, USA

Sources: WITS/UN Comtrade.

Interpretation

There is an observable transition:

South Asia/Africa dominance → increasingly diversified Africa + Europe + North America.

This diversification is strategically important because it reduces India's dependence on a single geographical market.

 

19. Ludhiana: The Manufacturing Heart of the Case

Ludhiana remains central to India's bicycle industry.

The cluster provides:

frame manufacturing

rims

chains

gears

forks

saddles

painting

assembly

packaging

bicycle components

OEM production

MSME subcontracting.

The importance of the cluster is that a children's bicycle does not require a completely independent industrial ecosystem.

A manufacturer can use the same:

steel → tube → frame → fork → wheel → chain → brake → paint → assembly → packaging

network for multiple bicycle categories.

This creates significant economies of scope.

 

20. SWOT Analysis

Table 10. India's Children's Bicycle Export Industry

Strengths		Weaknesses
Established Ludhiana cluster		Limited separate export statistics
Large manufacturing base		Dependence on some imported components
Low-cost production		Lower global brand visibility
Experienced exporters		Limited high-end design differentiation
Large domestic market		MSME financing/logistics constraints
Opportunities	Threats
African markets	Chinese price competition
UK/EU diversification	Global freight volatility
OEM/private label	International safety standards
Children's bicycle demand	Currency fluctuations
Latin American markets	Imported components

 

21. Major Findings

Finding 1

India's HS 8712 exports increased from US$43.65 million in 2020 to US$66.26 million in 2024.

Finding 2

The calculated export CAGR was approximately 11%.

Finding 3

Finished bicycle imports declined dramatically, producing a US$61.21 million trade surplus in 2024.

Finding 4

The UK was India's largest bicycle export market in 2024, followed by Mozambique, Netherlands, Nepal and the United States.

Finding 5

Africa remains critical for volume markets, particularly Mozambique.

Finding 6

Nepal represents an important neighbouring market.

Finding 7

China remains India's largest source of imported finished bicycles.

Finding 8

China's importance becomes considerably greater when bicycle components are considered.

Finding 9

Children's bicycles are commercially important but their exact export contribution cannot be isolated from HS 8712 public statistics.

Finding 10

The appropriate research conclusion is therefore that children's bicycles constitute a statistically embedded but strategically relevant sub-segment of India's bicycle export industry.

 

22. Research Hypotheses

For a larger empirical study, the following hypotheses can be tested:

H1: India's bicycle exports have increased significantly during the study period.

H2: India's bicycle imports have declined significantly during the study period.

H3: Export-market diversification is positively associated with India's bicycle export growth.

H4: India's dependence on China for finished bicycles has declined.

H5: Children's bicycle manufacturing capability is positively associated with export-market expansion.

H6: OEM/private-label capability is positively associated with penetration of developed-country markets.

The present five-year secondary-data sample is sufficient for descriptive analysis but not strong enough to confirm all six hypotheses statistically.

 

23. Managerial Implications

Indian manufacturers should not view children's bicycles simply as low-priced products.

The segment can act as an entry product into international markets.

A buyer may initially purchase:

Kids' bicycle → utility bicycle → MTB → hybrid → e-bike

from the same Indian manufacturer.

Thus, children's bicycles can potentially serve as a gateway product for broader export relationships.

 

24. Policy Implications

India's bicycle export strategy should focus on:

Children's bicycle safety testing.

International certification facilities.

Design and product-development centres.

Greater localisation of critical components.

African market development.

EU/UK market compliance.

OEM/private-label export promotion.

Better HS-level data for children's bicycles.

Export finance for MSMEs.

Development of specialised bicycle clusters.

 

25. Conclusion

From Ludhiana to London, from Mozambique to Nepal, India's bicycle industry is becoming increasingly global.

The five-year evidence presents an interesting transformation. India's HS 8712 exports increased from approximately US$43.65 million in 2020 to US$66.26 million in 2024, while imports collapsed from US$28.26 million to US$5.05 million.

The resulting trade balance of approximately US$61.21 million in 2024 demonstrates a substantial strengthening of India's position in finished non-motorised bicycle trade.

The children's bicycle segment is particularly interesting because it combines high-volume manufacturing, affordability and export scalability. However, public trade statistics do not permit an exact calculation of its individual contribution. Therefore, any research claiming that children's bicycles account for a specific percentage of India's exports without company-level shipment data would be methodologically weak.

The evidence instead supports a more defensible conclusion:

Children's bicycles constitute a strategically important, but statistically embedded, component of India's expanding bicycle export economy.

India's strongest opportunity lies in combining the cost advantage and manufacturing depth of Ludhiana with international safety standards, better design, branding and OEM/private-label capabilities.

The emerging export model is no longer simply:

“Make cheap bicycles for India.”

It is increasingly:

“Design in India, manufacture at scale, customise for the world and export from India.”

 

26. Key Statistical Dashboard

Indicator	Result
2020 exports	US$43.65 mn
2024 exports	US$66.26 mn
Export CAGR	~11.0%
2020 imports	US$28.26 mn
2024 imports	US$5.05 mn
Import CAGR	~−35.0%
2024 trade balance	US$61.21 mn surplus
2024 export quantity	1.71 million units
Top 5 destination share	~65.1%
Largest 2024 destination	UK
Largest 2024 import source	China
Main industrial cluster	Ludhiana
Children's bicycle separate HS-6 code	No

The 2024 export quantity and destination values are reported by WITS/UN Comtrade.

 

27. Research Limitation

The principal limitation is the absence of a separate HS-6 classification for children's bicycles. Consequently, the paper uses HS 8712 as the quantitative framework and company/product evidence to establish the presence of children's bicycles within the export industry.

A stronger follow-up study would combine:

DGFT/UN Comtrade data + company annual reports + export shipment-level data + interviews with Ludhiana manufacturers + a survey of foreign buyers.

That would allow the researcher to estimate the actual children's bicycle export value, number of units, average export price and market share rather than using HS 8712 as a proxy.

 

Appendix A: India Bicycle Trade — 2025–26

Table A1. HS 8712 Bicycle Trade: FY2025–26

Indicator	FY 2025–26	Research interpretation
Product classification	HS 8712	Bicycles and other non-motorised cycles
Export data availability	Available in TradeStat	Government of India
Import data availability	Available in TradeStat	Government of India
Children's bicycles	Embedded in HS 8712	No separate standard HS-6 category
Data authority	DGCI&S / Department of Commerce	Official Indian trade statistics
Data status	FY2025–26 data available	TradeStat updated August 2026

The Department of Commerce TradeStat database explicitly states that data are available for 2017–18 through 2025–26, with the latest update dated 7 August 2026.

Table A2. 2025–26 Data Interpretation Framework

Variable	What should be reported
Total HS 8712 exports	US$ million
Total HS 8712 imports	US$ million
Export quantity	Number of units, where available
Import quantity	Number of units, where available
Trade balance	Exports − Imports
Export growth	2025–26 vs 2024–25
Import growth	2025–26 vs 2024–25
Export CAGR	2020–21 to 2025–26
Import CAGR	2020–21 to 2025–26
Major export destinations	Country-wise
Major import sources	Country-wise

Important: I would not insert an estimated 2025–26 dollar figure merely to complete the table. The official TradeStat system confirms that the data exist, but the searchable page does not expose the HS-8712 annual result directly in its HTML output. The academically safer approach is to extract the annual HS-8712 result from the TradeStat query and insert that value rather than manufacture a number.

 

Appendix B: 2025–26 Monthly/Latest Data Note

The Government's DGCI&S system currently provides finalised merchandise-trade data through June 2026, including commodity-level data.

The Department of Commerce's monthly database similarly states that data are available through June 2026, with revised/final data through March 2026 and final data thereafter.

Therefore, the paper can state:

"FY2025–26 is treated as the latest completed financial year, while April–June 2026 observations are treated separately as the first quarter of FY2026–27 and are not added to FY2025–26."

That distinction is important for a research paper.

 

Appendix C: 2025–26 Import-Destination/Source Analysis

The 2025–26 appendix should retain the following structure:

Table A3. India's Major Bicycle Export Markets

Rank	Destination country	FY2025–26 export value	Share (%)	Market type
1	UK	Official TradeStat value	—	Developed/OEM
2	Mozambique	Official TradeStat value	—	African/volume
3	Netherlands	Official TradeStat value	—	European
4	Nepal	Official TradeStat value	—	South Asian
5	USA	Official TradeStat value	—	Premium/OEM
6	Uganda	Official TradeStat value	—	African/volume
7	Tanzania	Official TradeStat value	—	African/volume
8	Malawi	Official TradeStat value	—	African/volume
9	Zambia	Official TradeStat value	—	African/volume
10	Germany	Official TradeStat value	—	European

For shipment-level evidence, 2025 records show Indian bicycles going to Uganda, Tanzania, Malawi, Kenya, Burundi, Brazil, Nigeria and other markets, confirming continued geographical diversification.

Table A4. India's Major Import Sources

Rank	Country	FY2025–26 import value	Strategic significance
1	China	Official TradeStat value	Major supplier
2	Sri Lanka	Official TradeStat value	Regional supplier
3	Cambodia	Official TradeStat value	Asian supplier
4	Indonesia	Official TradeStat value	Asian supplier
5	Taiwan	Official TradeStat value	Higher-specification products
6	Vietnam	Official TradeStat value	Asian manufacturing base

Recent shipment-level evidence also shows bicycle imports into India from Taiwan, while Indonesia and Vietnam remain identifiable Asian sources.

 

Appendix D: 2025–26 Children's Bicycle Evidence

This appendix is particularly useful for your paper because it prevents the research from overstating the statistics.

Table A5. Children's Bicycle Research Measurement

Measurement	Available?	Treatment in research
Total bicycles, HS 8712	Yes	Quantitative analysis
Children's bicycles separately	No	Cannot calculate exact share
Children's bicycle shipment descriptions	Partly	Shipment-level evidence
Children's bicycle company portfolios	Yes	Company case analysis
Children's bicycle export value	Not separately published	Requires company/shipment data
Children's bicycle export volume	Not separately published	Requires shipment-level aggregation

Thus:

Children’s Bicycle Share=Children’s Bicycle ExportsTotal HS 8712 Exports×100\text{Children's Bicycle Share} 

cannot be calculated reliably from standard annual HS-6 statistics alone.

 

Appendix E: Updated Five-Year + 2025–26 Research Table

I recommend replacing the earlier five-year table with this six-year analytical framework:

Financial year	HS 8712 exports	HS 8712 imports	Trade balance	Export growth	Import growth
2020–21	—	—	—	—	—
2021–22	—	—	—	—	—
2022–23	—	—	—	—	—
2023–24	54.39	13.17	41.22	—	—
2024–25	41.37*	2.74*	38.63*	—	—
2025–26	Official TradeStat annual value	Official TradeStat annual value	To calculate	To calculate	To calculate

*2024–25 figures shown here are April–October, not the complete financial year; they therefore must not be presented as full-year figures. DPIIT reports US$41.37 million exports and US$2.74 million imports for April–October 2024–25.

This is an important correction for the final research paper.

 

References

Government and statistical sources

Directorate General of Commercial Intelligence and Statistics. (2026). Foreign trade statistics of India. Ministry of Commerce and Industry, Government of India. DGCI&S official website

Department of Commerce, Ministry of Commerce and Industry, Government of India. (2026). TradeStat: Export import data bank. TradeStat database

Department for Promotion of Industry and Internal Trade. (2025). Annual report 2024–25. Ministry of Commerce and Industry, Government of India.

Department for Promotion of Industry and Internal Trade. (2025). Annual report 2022–23. Ministry of Commerce and Industry, Government of India.

Ministry of Finance, Government of India. (2025). Union Budget 2025–26: Customs duty changes. Government of India.

International trade database

World Bank. (2026). World Integrated Trade Solution (WITS): India exports of bicycles and other cycles, HS 871200. World Bank. WITS bicycle trade data

World Bank. (2026). World Integrated Trade Solution (WITS): India imports of bicycles and other cycles, HS 871200. World Bank. WITS trade database

Company sources

Avon Cycles. (2026). International business. Avon Cycles official website

Hero Cycles. (2026). Exports. Hero Cycles official website

Industry/shipment source

Volza. (2026). Bicycles under HSN code 871200 exports from India. Volza bicycle export data