India's plastics export increases by 17.1% in FY18

Posted by Daily Shipping Times on 14-06-2018        Tweet

MUMBAI: India’s export of plastics posted a growth of 17.1% at USD 8.85 billion during the year 2017-18 as against USD 7.56 billion in 2016-17, registering a faster pace of growth than the overall merchandise export growth from India as per The Plastics Export Promotion Council (PLEXCONCIL).

The merchandise exports from India touched USD 303.3 billion, registering a growth of 9.9% in 2017-18 (provisional) vis-a-vis USD 275.9 billion in 2016-17.

India’s plastics export during the year were primarily boosted by higher shipment of plastic raw materials and value-added plastic products including woven sacks/FIBC, plastic sheets/films/plates, optical items, laminates, packaging items, and medical disposables to the European Union, North America, Latin America & Caribbean, and North-East Asia.

Shri AK Basak, Chairman, PLEXCONCIL, said, “United States, China and the United Arab Emirates accounted for 25.7% of India’s plastic product exports, by value. PLEXCONCIL had been targeting to breach the USD 1 billion export mark to the United States and we achieved this milestone in FY18. It is targeting an export value of USD 10.6 billion in 2018-19 and by 2025, it is expected to increase India’s share in the global plastics export market (worth USD 850 billion) to 3.0% from the current size of less than 1.0%”.