India's plastics export jump 31.6% in H1 FY19

India’s plastics exports posted a growth of 31.6% at US$4.59-bn during H1 FY19 (April-September), as against US$3.48-bn in same period during H1 FY-18, registering a faster pace of growth than the overall merchandise export growth from India. As per The Plastics Export Promotion Council (PLEXCONCIL), during H1 FY19, India reported merchandiseexports worth US$164.04-bn, up 12.5% from US$145.75-bn in H1 2017-18.

According to PLEXCONCIL, plastics formed 2.80% of India’s overall merchandise exports in H1 FY19. The growth in India’s plastics export has been primarily boosted by higher shipment of plastic raw materials, plastic sheet, film, plates, and packaging materials. During H1 FY19, 23 out of the top 25 destination countries recorded year-on-year growth in plastics export from India. Exports to China, Vietnam and Mexico witnessed high growth rates ranging between 70-140% during the H1 2018-19 period. According to Mr. Ravish B. Kamath, Chairman, PLEXCONCIL, China, United States and United Arab Emirates continue to be the top-3 destinations for India’s plastics products – accounting for 27.5% of India’s plastics product exports, by value, during H1 FY19. New destination countries include French Guiana, Guam, Kiribati Republic, Lesotho, Marshall Island, Mayotte, Monaco, Nauru Republic and United States Virgin Islands.

“Having achieved a superior growth in H1 2018-19, we are confident of surpassing our export target of US$10.6-bn in 2018-19 for products under the purview of our council,” Mr. Kamath added.

According to Mr. Sribash Dasmohapatra, Executive Director, PLEXCONCIL, India’s plastics exports in H1 FY19 were boosted by higher exports, especially to North-East Asia, Africa, European Union, ASEAN, South Asia, and North America.