Plastics Export Jump 17.1% in FY18 to $8.85-bn: PLEXCONCIL

India’s export of plastics posted a growth of 17.1% at to $8.85-bn during FY18, as against $7.56-bn in FY17, registering a faster pace of growth than the overall merchandise export growth from India as per The Plastics Export Promotion Council (PLEXCONCIL). Merchandise exports from India touched $303.3-bn, registering a growth of 9.9% in FY18 (provisional), vis-à-vis $275.9-bn in FY17.

According to PLEXCONCIL, plastics accounted for 2.92% of India’s overall merchandise exports in FY18, a tad higher than the 2.74% share held in FY17. India’s plastics export during the year were primarily boosted by higher shipment of plastic raw materials and value-added plastic products including woven sacks/FIBC, plastic sheets/films/plates, optical items, laminates, packaging items, and medical disposables to the European Union, North America, Latin America & Caribbean, and North-East Asia. India’s plastic product exports to the US were valued at $1.11-bn during the year.

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According to Mr. A. K. Basak, Chairman, PLEXCONCIL, the United States, China and the United Arab Emirates were the top-3 destinations for India’s plastic products during 2017-18, accounting for 25.7% of plastic product exports by value. “PLEXCONCIL had been targeting to breach the $1-bn export mark to the United States and we achieved this milestone in FY18. PLEX-CONCIL is targeting an export value of $10.6-bn in 2018-19 and by 2025, PLEXCONCIL is expected to increase India’s share in the global plastics export market (worth $850-bn) to 3.0% from the current size of less than 1.0%”.

“The target is difficult, but achievable, and the council intends to take concerted efforts with the assistance of its members through upgradation in technology, increased R&D spend, and innovative marketing strategies directed towards increased export of value-added plastic products. Besides, the council also intends to bring-in new businesses into the export fold by creating awareness for exports.”