India’s plastics exports grew 55% in April-June 2021 quarter and grew 60% in June 2021
India’s plastics exports grew 55% in April-June 2021 quarter and grew 60% in June 2021 (y-o-y): The Plastics Export Promotion Council
PLEXCONCIL takes several initiatives to increase exports to the UK, France, EU and the US
India’s plastics export increased by a strong 55% (high double-digit growth) to USD 3,417 million (cumulative value) during April-to-June 2021 as compared to USD 2,211 million during April-June 2020, as per The Plastics Export Promotion Council (PLEXCONCIL), the apex nodal trade body of plastics exporters. India exported plastics worth USD 1,301 million (up 60.4%) in June 2021 vis-à-vis USD 811 million in June 2020. Despite the pandemic, India’s cumulative exports of plastics were nearly USD 10 billion in FY21.
Panels such as Consumer & Houseware, Composites / FRP Products, Floor Coverings, Leather Cloth and Laminates, Pipes & Fittings, Woven Sacks and FIBCs registered good triple digit growth over 100% growth in global exports during Q1FY22. Human Hair and related products registered the strongest 350% plus growth in exports during Q1FY22. Panels such as Writing Instruments (74%), Rigid Packaging & PET Preforms (52.6%), Cordage & Fishnets (60.9%), Polyester Films (34.7%), and Plastics Raw Materials (16.9%) also showed high double-digit growth in Q1FY22.
During the first quarter, PLEXCONCIL took several initiatives to increase exports. PLEXCONCIL joined hands with the Indo-French Chamber to boost India’s plastics export to France and Europe. Companies can now find reliable alternate Indian partners for all their sourcing needs. India’s exports of value-added plastics to France have the potential to grow by nearly USD 5.6 billion. India’s plastics exports to France were around USD 162 million primarily comprising Optical items, Woven Sacks/FIBCs, Packaging items and Plastic Sheets and Films, says the PLEXCONCIL quoting recent market studies.
India and the United Kingdom (UK) adopted an ambitious ‘Roadmap 2030’ to elevate bilateral ties to a “Comprehensive Strategic Partnership” in May 2021. PLEXCONCIL is taking several initiatives to ensure that India’s plastics’ exporters seek a greater share of the UK’s annual plastics’ imports of USD 30-32 billion. India’s export of value-added plastics to the UK has the potential to grow by USD 5.6 billion, says the PLEXCONCIL quoting recent market studies. India is exporting plastics valued at around USD 365.7 million to the UK comprising Plastic Packaging items, Woven Sacks/ FIBCs, Plastics Sheets and Films, Optical items, and other moulded and extruded items.
Mr. Arvind Goenka, Chairman, PLEXCONCIL, said, “The growth in plastics’ exports in the first quarter of FY2022 reflects the tremendous efforts and the entrepreneurial spirit of Indian exporters, who posted growth despite facing many challenges during the pandemic. PLEXCONCIL has been taking several proactive initiatives to target global suppliers and sourcing majors in an evolving supply-chain management scenario. The US, UK, EU and France offer several opportunities for increasing exports of Make in India plastics.”
Indian plastics' exporters have been asking the Government to consider free trade agreements (FTAs) and enhanced trade partnerships to make Indian goods competitive; subsidised warehousing in the UK, US and EU; and counter-guarantee to Indian Status Holder Exporters to borrow at cheaper interest rates in the UK, US and the EU among others.
The Union Ministry of Commerce & Industry (CIM) under the leadership of Shri Piyush Goyal ji, Hon. Union Minister of Commerce & Industry, is constantly engaging plastics exporters, which mostly comprises MSMEs. Plastics exporters have welcomed the CIM’s initiative to coordinate with different Ministries and Government bodies to facilitate exports & ease of doing business.
PLEXCONCIL also welcomed the Government of India's thrust on tapping the global toys market, which is projected to reach revenue of more than USD 120 billion by 2023, growing at a CAGR of around 4% during 2017-2023.
In its endeavor to promote plastics exporters, PLEXCONCIL has lined up several Buyer-Seller Meets (BSMs) in virtual mode. PLEXCONCIL, in association with FICCI, is organizing International Trade Facilitation webinar for introducing the ATA Carnet, UN TIR (under the INSTC) on July 27