Plexconcil, the apex body of the plastics exporting community in India, released a detailed report on India’s plastics export trends for October 2023. The study based on data from the ministry of Commerce and Industry indicates that for the month of October 2023, plastics exports witnessed a notable surge across almost all of the product panels.
The products include floorcoverings, leathercloth and laminates; FRP and composites; FIBC, woven sacks, woven fabrics, and tarpaulin; packaging items such as flexible and rigid; cordage, fishnets and monofilaments; medical items of plastics; plastic pipes and fittings; plastic films and sheets; writing instruments and stationery; consumer and houseware products; plastic raw materials and human hair and related products.
During October 2023, India exported plastics worth US$ 933 million, higher by 9.4% from US$ 852 million in October 2022. Cumulative value of plastics export during April 2023 – October 2023 was US$ 6,513 million as against US$ 7,232 million during the same period last year, registering a decline of 9.9%, the report said.
Sribash Dasmohapatra, executive director, Plexconcil, said, “We are very pleased to see a positive movement in exports of most of the product segments in the month of October. We hope that this trend continues into the next few months, and that we are able to achieve overall growth despite the dampening performance in the past six months.”
As part of the efforts to promote Indian plastics exports, the council recently organized buyer-seller meetings with the Central American countries of Guatemala, El Salvador, Honduras and Mexico with the support of the Indian embassies in Guatemala (concurrently accredited to El Salvador and Honduras) and Mexico, Dasmohapatra said.
“Promotional meetings were also held with stakeholders in Costa Rica with support from the Embassy of India in Panama. Furthermore, we had a fruitful meeting with the Embassy of India in Washington and active discussions were held regarding making deeper inroads into the American market and reaching out to retail chains such as Walmart, Costco, Target, etc., who may be interested in sourcing plastic goods from India.”
Central America, Dasmohapatra said, is an emerging market and not only presents immense opportunities for exports, but its strategic location makes it the ideal gateway for North and South American continents. The council plans to help exporters tap into opportunities in these markets. The Council will also lead one of its largest trade delegations of more than 73 participants under the India Pavilion to ARABPLAST in UAE in the month of December. “We have been keenly monitoring data and identifying countries and regions with high export potential and such initiatives have been designed to extend our industry’s outreach to these strategic markets.”
Exports of consumer and houseware products improved by 6.3% in October 2023. This growth was primarily due to higher sales of tableware and kitchenware, builders’ ware and furniture made of plastics. India exported more of builders’ ware of plastics to the US and the UK; and furniture made of plastics to Panama.
Exports of cordage, fishnets and monofilaments experienced a significant increase of 17.3% in October 2023 due to greater sales of fishing nets of nylon to countries such as Chile, Kenya, Sri Lanka and the UK.
In October 2023, the export of FIBC, woven sacks, woven fabrics, and tarpaulin demonstrated a significant positive growth of 20.5% due to increased sales of sacks and bags of plastics to certain African countries, and flexible intermediate bulk containers in general.
The export of floor coverings, leather cloth & laminates surged by 43.3% during October 2023 on account of higher sales of floor coverings of PVC and textile fabrics impregnated, coated, covered or laminated with plastics to the US. The export of decorative laminates also contributed to the growth.
The export of FRP and composites was up by 33.6% on account of higher sales of articles of plastics and articles of other materials. This export sector had faced challenges due to the economic downturn and elevated manufacturing costs in Europe, but it has now rebounded with increased sales.
The export of human hair and related products was up by 49.1% in October 2023.
Medical items of plastics continued to perform well and its exports were up by 15.3% in October 2023 due to an increase in sales of spectacle lenses, which has contributed immensely to the positive growth in export of this panel. India reported its highest-ever monthly export of spectacle lenses in October 2023. The export of miscellaneous products and items fell by 44.1% in October 2023 due to lower shipments of optical fiber, optical fiber bundles and cables.
The export of packaging items such as flexible and rigid surged by 18.1% on account of higher sales of sacks and bags of plastics, carboys, bottles, flasks and similar articles. India mainly exports packaging items – flexible and rigid – to North America and Europe.
Plastic film and sheets exports were higher by 12.1% in October 2023 on account of improved sales of self-adhesive tape of plastics, films and sheets of polymers of ethylene, and films and sheets of polyethylene terephthalate.
Indian exporters of plastic films and sheets informed that the export market has begun to show signs of improvement since the fag-end of June 2023 quarter, with demand for the BOPP starting to recover. They are, however, concerned about the introduction of new capacities and an expected surge in the supply of BOPET films, the report said.
Export of plastic pipes and fittings increased by 14.3% due to higher sales of rigid tubes and pipes of polymers of vinyl chloride and fittings such as joints, elbows and flanges of plastics for pipes. The stabilization in PVC prices helped increase the offtake.
Plastic raw materials exports increased by 4.0% in October 2023 due to a rise in sales of polyethylene having a specific gravity of 0.94 or more, linear low-density polyethylene and other acrylic polymers. The export of low-density polyethylene from India reported its highest-ever export in as many as two years in October 2023.
The export of writing instruments and stationery improved by 7.5% in October 2023 due to an increase in sales of ballpoint pens to Algeria, Kenya, and Thailand.
Products from the Indian plastics industry are exported to over 200 countries.
