Plastic exports dips by 6.9 pc to $34.5 billion in August: Plexconcil - Times of India
[ad_1]
MUMBAI: India's plastic exports declined by 6.9 per cent to USD 34.5 billion in August, compared to the same month last year due to difficult global economic factors, apex industry body Plastics Export Promotion Council (Plexconcil) has said. The overall plastic exports stood at USD 37.0 billion in August 2022, according to the data shared by Plexconcil.
According to the data, there was a mixed performance among product categories as flooring, leather, laminates, medical plastics, consumer and houseware products, fishnets and monofilaments, writing instruments and stationery, and human hair and related products reported an increase in exports.
While, woven sacks, woven fabrics, Tarpaulin, plastic films and sheets, plastic pipes and fittings, and miscellaneous products and items witnessed decline in shipments, the Plexconcil data showed.
According to the data, floor coverings, leather cloth and laminates exports in August went up by 51 per cent to USD 66.7 million from USD 44.2 million in the same month last year, achieving the highest-ever monthly shipments from India.
While human hair and related products witnessed 28.6 per cent growth to USD 55.2 million, compared to USD 42.9 million in last year, due to a low base in the corresponding period in 2022.
FRP and composites exports in August also witnessed 19.1 per cent growth in August to USD 41.7 million, compared to USD 35.1 million during the corresponding month of 2022, it added.
However, exports of miscellaneous products and items declined by 33.8 per cent in August to USD 54 million compared to USD 81.5 million in the same month in 2022, following shipments of optical fibres, optical fibre bundles and cables to countries in Europe and North America.
Exports of plastic raw materials were also impacted in August, which witnessed a decline of 27.7 per cent to USD 239.4 million, compared to USD 331 million in the corresponding period last year due to a decline in sales of polyethylene terephthalate and polypropylene.
India is among the top five exporters of polyethylene terephthalate resin in the world, Plexconcil added.
"Floor coverings, leather cloth, and laminates experienced a significant surge of 51 per cent are usually well performing product segments, and we are pleased to note that the momentum continues. It is a positive development for the industry, and we hope to see more growth in other sectors as well," Plexconcil executive director Sribash Dasmohapatra said.
He said, with plans in place to lead our exporters to numerous international shows in the coming months and the association's continued efforts to connect the industry with global buyers, the plastic industry expected to demonstrate growth in the coming months.
India's plastic trade, encompassing imports and exports, has experienced substantial growth over the past decade, surging from USD 19 billion in 2013-14 to USD 37 billion in 2022-23.
"Despite some product segments encountering declines, there is strong optimism that numbers will rebound in the coming months, driven by a positive business outlook and continued government support," Dasmohapatra added.
[ad_2]
Source link
https://worldnews2023.com/business/plastic-exports-dips-by-6-9-pc-to-34-5-billion-in-august-plexconcil-times-of-india/?feed_id=237949&_unique_id=65a4a109e3a5b
According to the data, there was a mixed performance among product categories as flooring, leather, laminates, medical plastics, consumer and houseware products, fishnets and monofilaments, writing instruments and stationery, and human hair and related products reported an increase in exports.
While, woven sacks, woven fabrics, Tarpaulin, plastic films and sheets, plastic pipes and fittings, and miscellaneous products and items witnessed decline in shipments, the Plexconcil data showed.
According to the data, floor coverings, leather cloth and laminates exports in August went up by 51 per cent to USD 66.7 million from USD 44.2 million in the same month last year, achieving the highest-ever monthly shipments from India.
While human hair and related products witnessed 28.6 per cent growth to USD 55.2 million, compared to USD 42.9 million in last year, due to a low base in the corresponding period in 2022.
FRP and composites exports in August also witnessed 19.1 per cent growth in August to USD 41.7 million, compared to USD 35.1 million during the corresponding month of 2022, it added.
However, exports of miscellaneous products and items declined by 33.8 per cent in August to USD 54 million compared to USD 81.5 million in the same month in 2022, following shipments of optical fibres, optical fibre bundles and cables to countries in Europe and North America.
Exports of plastic raw materials were also impacted in August, which witnessed a decline of 27.7 per cent to USD 239.4 million, compared to USD 331 million in the corresponding period last year due to a decline in sales of polyethylene terephthalate and polypropylene.
India is among the top five exporters of polyethylene terephthalate resin in the world, Plexconcil added.
"Floor coverings, leather cloth, and laminates experienced a significant surge of 51 per cent are usually well performing product segments, and we are pleased to note that the momentum continues. It is a positive development for the industry, and we hope to see more growth in other sectors as well," Plexconcil executive director Sribash Dasmohapatra said.
He said, with plans in place to lead our exporters to numerous international shows in the coming months and the association's continued efforts to connect the industry with global buyers, the plastic industry expected to demonstrate growth in the coming months.
India's plastic trade, encompassing imports and exports, has experienced substantial growth over the past decade, surging from USD 19 billion in 2013-14 to USD 37 billion in 2022-23.
"Despite some product segments encountering declines, there is strong optimism that numbers will rebound in the coming months, driven by a positive business outlook and continued government support," Dasmohapatra added.
Comments
Post a Comment