Plastics In Nov Dip By 5.6 Pc To USD 892 Million

Plastics In Nov Dip By 5.6 Pc To USD 892 Million

Decline in India's plastic exports, which fell 5.6% to $892 million in November, with a significant drop in miscellaneous product shipments. Plexconcil reports a dip in optical fibers and other items, despite a positive outlook for future international demand.

Plastic exports from India witnessed a yearly decline of 5.6 per cent in November to USD 892 million mainly due to drop in shipments of miscellaneous products, Plexconcil said in a statement.

In November 2022, the total plastic exports stood at USD 945 million, the Plastic Export Promotion Council (Plexconcil) said in a statement.

Exports of miscellaneous products and items plummeted by 48.5 per cent in November 2023, due to lower shipments of optical fibers, optical fiber bundles and cables, it added.

"October 2023 saw a 9.4 per cent 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 bullish about the South American continent, where we recently organised a strategic buyer-seller meet across Costa Rica, Guatemala, El Salvador, and Guatemala," Plexconcil chairman Hemant Minocha said.

In the buyer-seller meet, a contingent of over 100 exporters from India engaged with over 50 companies to discuss a way forward, enabling Plexconcil to create export opportunities to over USD 100 million in the next four years, he said.

"As we advance, we would closely identify opportunities across multiple countries to help boost India's overall exports," he added.

Meanwhile, according to the data by Plexconcil, in November consumer and houseware products also witnessed a decline of 14.8 per cent, primarily attributed to reduced sales of household and toilet articles made of plastics, plastic moulded suitcases, handbags and toothbrushes.

Cordage, fishnets and monofilament exports dipped 15.2 per cent in November due to decreased sales of monofilaments, cordage, ropes and cables of polyethene or polypropylene.

However, positive export growth was observed in panels such as FRP and composites, medical items of plastics, floor coverings, leathercloth and laminates, packaging items (both flexible and rigid) and human hair and related products, the data added.

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