Plexconcil, the Plastic Export Promotion Council, under the aegis of the Department of Commerce, Government of India, has released a detailed report offering a comprehensive analysis of India’s plastic export trends for November 2023.
The study based on data from the Ministry indicates that for November 2023 plastics exports witnessed a notable increase across key categories like floor coverings, leather cloth and laminates, FRP and composites, human hair and related products, medical items of plastics, etc. Verticals such as consumer and houseware products, cordage, fishnets and monofilaments, plastic raw materials, etc., saw decreased exports compared to November 2022.
Overview of overall exports
In November 2023, India recorded merchandise exports totaling US$ 33.9 billion, reflecting a marginal decline of 2.8% compared to the same period in 2022. The cumulative value of merchandise exports from April to November 2023 stood at US$ 278.8 billion, indicating a 6.5% dip from last year’s corresponding period, the council said.
Analysis of plastics export trends
The plastic sector, a crucial component of India’s export portfolio, declined in November 2023. Plastic exports amounted to US$ 892 million, a 5.6% decrease from November 2022. The cumulative value of plastics exports from April to November 2023 was US$ 7,405 million, registering a 9.4% decline compared to the same period in the previous year.
In November 2023, the performance varied across different product panels. Positive export growth was observed in panels such as FRP and composites, Medical items of plastics, floor coverings, leather cloth and laminates, packaging items (both flexible and rigid), and human hair and related products. Conversely, other panels faced challenges in achieving growth, including plastic raw materials, consumer and houseware products, cordage, fishnets & monofilaments, plastic films and sheets, FIBC, woven sacks, woven fabrics, tarpaulin, plastic pipes and fittings, writing instruments and stationery, and miscellaneous products and items.
Hemant Minocha, chairman of Plexconcil, said, “October 2023 saw a 9.4% jump (Y-o-Y) in overall plastics exported from India. While we have witnessed a minor decline in November, I am positive about the bullish demand for Indian plastics in the international markets. We are particularly bullish about the South American continent, where we recently organized a strategic buyer-seller meet across Costa Rica, Guatemala, El Salvador, and Guatemala. A contingent of over 100 exporters from India successfully engaged with over 50 companies to discuss a fruitful way forward, enabling us to create export opportunities to over US$ 100 million in the next four years. As we advance, we would closely identify opportunities across multiple countries to help boost India’s overall exports.”
In November 2023, the Indian export landscape witnessed diverse trends across various product categories. Consumer and houseware products faced a substantial decline of 14.8%, primarily attributed to reduced sales of household and toilet articles made of plastics, plastic molded suitcases, handbags, and toothbrushes.
Notably, India experienced diminished exports of plastic molded suitcases and Handbags to the European Union and toothbrushes to the ASEAN region. Cordage, fishnets and monofilaments exports encountered a notable decline of 15.2% in November 2023 due to decreased sales of monofilaments of any cross-sectional dimension > 1 mm of plastics and Twine, cordage, ropes, and cables of polyethene or polypropylene.
In contrast, the export of FIBC, woven sacks, woven fabrics, and tarpaulin exhibited resilience, with a marginal decline of 2.9%. This was primarily due to reduced sales of Flexible intermediate bulk containers, particularly to the United States of America. The average price realizations for flexible intermediate bulk containers have seen a 17% decrease throughout the year.
Sribash Dasmohapatra, executive director, Plexconcil, said, “Additionally, the Indian contingent in the recently concluded Arabplast in Dubai was one of the biggest in recent years. The Middle East imported US$ 38 billion of plastics in 2022, with India capturing a 4.7% share (US$ 1.7 billion). This data highlights the immense growth potential for Indian plastics in the region. As the apex body for the Indian plastics export industry, Plexconcil is committed to helping our members tap into this potential. Plexconcil organized RBSM with over 100 international buyers in our bid to support domestic industries and encourage a greater number of domestic processors into the export fold and benefit from increasing global opportunities.”
