India’s export of plastics posted a growth of 17.1% at USD 8.85 billion during the year 2017-18 as against USD 7.56 billion in 2016-17, registering a faster pace of growth than the overall merchandise export growth from India as per The Plastics Export Promotion Council (PLEXCONCIL).
The merchandise exports from India touched USD 303.3 billion, registering a growth of 9.9% in 2017-18 (provisional) vis-a-vis USD 275.9 billion in 2016-17.
PLEXCONCIL, established in 1955, is supported by the ministry of commerce and industry, department of commerce, government of India and represents the exporting community of more than 2500 members in the Indian plastics industry.
According to PLEXCONCIL, plastics formed 2.92% of India’s overall merchandise exports in 2017-18, a tad higher than the 2.74% share held in 2016-17.
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.
AK Basak, chairman, PLEXCONCIL, said, “United States, China and the United Arab Emirates accounted for 25.7% of India’s plastic product exports, by value. PLEXCONCIL had been targeting to breach the USD 1 billion export mark to the United States and we achieved this milestone in FY18. It is targeting an export value of USD 10.6 billion in 2018-19 and by 2025, it is expected to increase India’s share in the global plastics export market (worth USD 850 billion) to 3.0% from the current size of less than 1.0%”.
Basak further said, “The target is difficult, but achievable, and the council intends to take concerted efforts towards this front 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 from India.”
India is currently ranked among the top five consumers of polymers in the world and has 30,000 plus plastic processing units employing over 40-lakh people across the country.
The country is set to have 18 plastic parks with an investment of Rs 400-crore from the government to boost domestic production of plastics.
Source: printweek.in