Plastics exports reach USD 1,113-mn in March 2024

Plexconcil published an in-depth analysis of India's plastic export trends for March 2024. Drawing upon data from the Ministry of Commerce & Industry, Government of India, the study reveals that India's plastic exports saw a 5.6% surge, reaching USD 1,113 million in March 2024 compared to USD 1,054 million in March 2023. The cumulative value of merchandise exports from April 2023 to March 2024 was USD 437.1 billion as against USD 451.1 billion during the same period last year, reflecting a decline of 3.1%. 

Hemant Minocha, chairman of Plexconcil, expressed “India's plastic exports reached new heights in March 2024, surging to USD 1,113-million, a remarkable 5.6% year-on-year growth. This stellar performance underscores the industry's resilience and our nation's growing prominence in global trade. Notably, we witnessed record exports of made-up fishing nets, cementing India's leadership in this domain. The robust growth across vital sectors like cordage, FIBC, woven fabrics, laminates, and composites reflects our commitment to innovation and quality. While certain segments faced headwinds, our overall trajectory remains upward, driven by our unwavering dedication to excellence. These achievements reinforce India's status as a formidable force in the international plastics trade.”

The export of FIBC, woven sacks, woven fabrics, and tarpaulin showed a growth of 16.1% 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 19.0% in March 2024 due to increased sales of vinyl chloride polymer floor coverings, Floor coverings, leather cloth and laminates, and textile fabrics impregnated, coated, covered, or laminated with plastics. India closed this financial year with record-high exports of decorative laminates. There was an 18.4% increase in the export of FRP and composites. 

The sales of syringes, catheters, cannulae and spectacle lenses contributed to a 10.4% increase in medical plastics exports in March 2024. India closed this financial year with record-high exports of spectacle lenses, contact lenses, syringes, and catheters. Flexible and rigid packaging items had a 20.2% 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 14.3% in March 2024 as a result of higher sales of self-adhesive plastic films and sheets, propylene films and sheets; flexible polyethylene terephthalate films and sheets, and other plastic films and sheets for sun and dust control. Exports of plastic pipes and fittings rose by 30.2% 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 closed this financial year with record-high exports of tubes and pipes of polymers of vinyl chloride; and fittings like joints, elbows and flanges of plastics. Plastic raw materials increased by 2.2% in March 2024 as a result of higher sales of polyethylene having a specific gravity of 0.94 or more; other acrylic polymers; other polyethers; polyethylene terephthalate.

Sribash Dasmohapatra, executive director, Plexconcil, remarked, India's plastic exports in March 2024, amounting to USD 1,113 million and showing a 5.6% year-on-year growth, reflect our nation's enduring commitment to global trade. India's plastic industry has experienced a notable surge in exports, particularly during the months of December 2023 to March 2024, signaling positive growth amidst fluctuating global economic conditions. 
This surge reflects not only the resilience of the Indian plastics sector but also the diverse export portfolio, spanning raw materials, packaging, and consumer products, that underscore India's multifaceted approach to global trade, leveraging strengths across various segments. We are particularly proud of the notable increases in cordage, fishnets, monofilaments, and FIBC, woven sacks, woven fabrics, and tarpaulin, which grew by 3.7% and 16.1%, respectively.