It has been revealed that India’s plastic exports have encountered a decline of 6.9 per cent in the month of August compared to the same period the previous year, according to a report by the Plastics Export Promotion Council (Plexconcil).
The total value of plastic exports in August 2022 stood at USD 34.5 billion, down from USD 37.0 billion in August 2021, signaling the impact of challenging global economic conditions on India’s plastic industry.
The data released by Plexconcil portrays a mixed performance among various product categories within the plastic export sector. Some categories demonstrated significant growth in exports. For instance, exports of floor coverings, leather cloth, and laminates surged by an impressive 51 per cent in August, reaching a record high of USD 66.7 million compared to USD 44.2 million in the same month the previous year.
Similarly, the export of human hair and related products witnessed robust growth, with a 28.6 per cent increase, totaling USD 55.2 million in August 2022. This surge can be partly attributed to a lower export base during the same period in 2021.
Additionally, the Fiber-Reinforced Plastic (FRP) and composites category experienced a substantial growth rate of 19.1 per cent in August, reaching USD 41.7 million, up from USD 35.1 million during the corresponding month in 2021.
However, the positive performance of these categories was offset by declining exports in other segments. Product categories such as woven sacks, woven fabrics, tarpaulin, plastic films and sheets, plastic pipes and fittings, and miscellaneous products and items all reported a decrease in shipments, as indicated by Plexconcil’s data.
The miscellaneous products and items category bore the brunt of the decline, with a significant drop of 33.8 per cent in August, resulting in exports totaling USD 54 million, compared to USD 81.5 million in the same month in 2021. This dip was primarily attributed to reduced shipments of optical fibers, optical fiber bundles, and cables to European and North American countries.
Furthermore, exports of plastic raw materials also faced challenges in August, experiencing a substantial decline of 27.7 per cent to USD 239.4 million, compared to USD 331 million during the corresponding period last year. The decline in this segment was largely driven by reduced sales of polyethylene terephthalate (PET) and polypropylene.
