Parul
The Plastic Export Promotion Council, Plexconcil, recently published an in-depth report that thoroughly analyses India’s plastics export trends for February 2024. Drawing upon data from the Ministry of Commerce & Industry, Government of India, the study reveals that India reported its highest-ever monthly export of made-up fishing nets during February 2024. The cumulative value of merchandise exports during April 2023 – February 2024 was USD 395.0 billion as against USD 409.1 billion during the same period last year, reflecting a decline of 3.5%.
Overview of plastic exports
In February 2024, India exported plastics worth USD 997 million, an increase of 14.3% from USD 872 million in February 2023. The cumulative value of plastics exports during April 2023 – February 2024 was USD 10,433 million, as against USD 10,911 million during the same period last year, registering a decline of 4.4%.
Analysis of Plastics Export Trends
In the month of February 2024, significant export growth was witnessed across majority of the product panels such as Plastic raw materials; Plastic films and sheets; FIBC, Woven sacks, Woven fabrics, Tarpaulin; Floorcoverings, leathercloth & laminates; Packaging items – flexible, rigid; FRP & Composites; Cordage, fishnets & monofilaments; Medical items of plastics; and Plastic pipes & fittings. However, panels like Writing instruments & stationery; Consumer & houseware products; Human hair & related products; and Miscellaneous products & items faced challenges in achieving growth during the same period.
Chairman of Plexconcil, Hemant Minocha, expressed, “India’s export growth in February 2024 underscores our nation’s increasing influence on the world stage. With significant surges in various product categories such as Plastic raw materials, FIBC, woven sacks, woven fabrics, tarpaulin, Floor coverings, leather cloth, and laminates, we are witnessing a tangible manifestation of our commitment to fostering international trade relations. Despite challenges faced by certain sectors like Writing instruments and stationery products, our resilient approach continues to drive progress.”
February 2024 saw a 29.7% increase in exports of cordage, fishnets, and monofilaments as a result of higher sales of twine, cordage, ropes, and cables made of polyethylene or polypropylene and made-up fishing nets. Noteworthy is the fact that in February 2024, India had its highest-ever monthly shipment of made-up fishing nets.
Additionally, India is probably going to end this fiscal year with record-high shipments of made-up fishing nets. The export of FIBC, woven sacks, woven fabrics, & tarpaulin showed a positive growth of 27.5% due to higher sales of sacks and bags of plastics and flexible intermediate bulk containers.
The export of leather cloth, laminates, and floor coverings increased by 27.4% in February 2024 due to increased sales of vinyl chloride polymer floor coverings, Decorative laminates, and textile fabrics impregnated, coated, covered, or laminated with plastics. India’s decorative laminate exports are expected to reach all-time highs by the end of the current fiscal year.
The sales of syringes, catheters, cannulae and blood transfusion apparatus contributed to a 12.0% increase in medical plastics exports in February 2024. India is probably going to end this fiscal year with record-breaking exports of blood transfusion equipment and cardiac catheters. Flexible and rigid packaging items had a 27.3% increase in exports due to increased sales of plastic sacks and bags, plastic caps and closures, and other articles used for packaging or transporting goods.
The export of plastic films and sheets increased by 21.9% in February 2024 as a result of higher sales of self-adhesive plastic films and sheets, propylene films and sheets; flexible polyethene terephthalate films and sheets, and other plastic films and sheets for sun and dust control.
Exports of plastic pipes and fittings rose by 17.1% as a result of increasing sales of vinyl chloride polymer tubes and pipes as well as fittings, including elbows, flanges, and joints for pipes. India is probably going to end this fiscal year with record-high exports of vinyl chloride polymer tubes and pipes.
Plastic raw materials increased by 27.3% in February 2024 as a result of higher sales of polyethene terephthalate, linear low-density Polyethylene, polypropylene, and polyethene with a specific gravity of 0.94 or higher.
Sribash Dasmohapatra, Executive Director of Plexconcil, remarked, “Amidst fluctuating trends, India’s plastic exports grew in February 2024, reaching USD 997 million, a 14.3% rise from the previous year. Despite a marginal decline in cumulative exports for April 2023 – February 2024 compared to the preceding year, initiatives like PLEXCONNECT 2024 aim to fortify global connections.
Scheduled for June 7th-9th, PLEXCONNECT 2024 has already been receiving excellent response from international buyers including large format stores in North America and this trend highlights India’s commitment to fostering lucrative partnerships, facilitating seamless networking opportunities for international buyers and Indian suppliers”.
