India’s plastics export increased by 55% to $3,417 million (cumulative value) in April-to-June 2021 as compared to $2,211 million in April-June 2020, as per The Plastics Export Promotion Council (Plexconcil). India exported plastics worth $1,301 million (up 60.4%) in June 2021 vis-à-vis $811 million in June 2020. Despite the pandemic, India’s cumulative exports of plastics were nearly $10 billion in FY21.
Segments such as consumer & houseware, floor coverings, leather cloth and laminates, pipes and fittings, and others registered over 100% growth in global exports during Q1 FY22. Human hair and related products registered more than 350% growth in exports during Q1FY22. Others that did well include writing instruments (74%), rigid packaging & PET preforms (52.6%), polyester films (34.7%), and plastics raw materials (16.9%).
During the first quarter, Plexconcil joined hands with the Indo-French Chamber to boost the plastics export to France and Europe. India’s exports of value-added plastics to France have the potential to grow by approximately $5.6 billion. The country’s plastics exports to France were around $162 million primarily comprising optical items, woven sacks/FIBCs, packaging items, plastic sheets, and films, according to the Plexconcil quoting the recent market studies.
India and the United Kingdom (UK) adopted a ‘Roadmap 2030’ to elevate bilateral ties to a “Comprehensive Strategic Partnership” in May 2021. Plexconcil is taking several initiatives to ensure that India’s plastics’ exporters seek a greater share of the UK’s annual plastics’ imports of $30-32 billion. India’s export of value-added plastics to the UK has the potential to grow by $5.6 billion. India is exporting plastics valued at around $365.7 million to the UK.
The Union Ministry of Commerce & Industry under Piyush Goyal is engaging a plastics exporter which mostly comprises MSMEs. Plastics exporters have welcomed the ministry’s initiative to coordinate with different ministries and government bodies to facilitate exports and ease of doing business.
Plexconcil also welcomed the Government’s thrust on tapping the global toys market, which is projected to reach revenue of more than $120 billion by 2023, growing at a CAGR of around 4% during 2017-2023.
In its endeavor to promote plastics exporters, it has lined up several Buyer-Seller Meets (BSMs) in virtual mode.
For more details: www.plexconcil.org