PLEXCONCIL sees potential of exporting value-added plastics to the UK at US$5.6 billion
India’s plastics export has increased by a strong 55% to US$3,417 million (cumulative value) during April-to-June 2021 from US$2,211 million during April-June 2020, boosted by several initiatives taken by the Plastics Export Promotion Council (PLEXCONCIL) which joined the Indo-French Chamber to boost shipments to France and Europe.
Comparatively, a high double-digit growth was recorded in June 2021, when plastics worth US$1,301 million was shipped, an increase of 60.4% vis-a-vis US$811 million in June 2020.
India’s exports of value-added plastics to France have the potential to grow by nearly US$5.6 billion. India’s plastics exports to France were around US$162 million primarily comprising Optical items, Woven Sacks/FIBCs, Packaging items and Plastic Sheets and Films, said the PLEXCONCIL in a release on 27 July 2021, quoting recent market studies.
Companies in export markets can now find reliable alternate Indian partners for all their sourcing needs, said PLEXCONCIL.
Despite the pandemic, India’s cumulative exports of plastics were nearly US$10 billion in FY21.
Panels, such as Consumer & Houseware, Composites/FRP Products, Floor Coverings, Leather Cloth and Laminates, Pipes & Fittings, Woven Sacks and FIBCs registered good triple digit growth over 100% growth in global exports during Q1FY22. Human Hair and related products registered the strongest 350% plus growth in exports during Q1FY22.
Panels such as Writing Instruments (74%), Rigid Packaging & PET Preforms (52.6%), Cordage & Fishnets (60.9%), Polyester Films (34.7%), and Plastics Raw Materials (16.9%) also showed high double-digit growth in Q1FY22.
During the first quarter, PLEXCONCIL took several initiatives to increase exports.
In May 2021, India and the United Kingdom adopted an ambitious ‘Roadmap 2030’ to elevate bilateral ties to a “Comprehensive Strategic Partnership”. PLEXCONCIL is taking several initiatives to ensure that India’s plastics’ exporters seek a greater share of the UK’s annual plastics’ imports of US$30-32 billion.
India’s export of value-added plastics to the UK has the potential to grow by US$5.6 billion, said the PLEXCONCIL quoting recent market studies. India is exporting plastics valued at around US$365.7 million to the UK comprising Plastic Packaging items, Woven Sacks/FIBCs, Plastics Sheets and Films, Optical items, and other moulded and extruded items.
PLEXCONCIL Chairman Arvind Goenka said, “The growth in plastics’ exports in the first quarter of FY2022 reflects the tremendous efforts and the entrepreneurial spirit of Indian exporters, who posted growth despite facing many challenges during the pandemic. PLEXCONCIL has been taking several proactive initiatives to target global suppliers and sourcing majors in an evolving supply-chain management scenario. The US, UK, EU and France offer several opportunities for increasing exports of Make in India plastics.”
Indian plastics’ exporters have been asking the Government to consider free trade agreements (FTAs) and enhanced trade partnerships to make Indian goods competitive; subsidised warehousing in the UK, US and EU; and counter-guarantee to Indian Status Holder Exporters to borrow at cheaper interest rates in the UK, US and the EU among others.
The Commerce and Industry Ministry is constantly engaging plastics exporters, mostly being MSMEs. Plastics exporters have welcomed the Ministry’s initiative to coordinate with different Ministries and Government bodies to facilitate exports and ease of doing business.
PLEXCONCIL has also welcomed the Government’s thrust on tapping the global toys market, which is projected to reach revenue of more than US$120 billion by 2023, growing at a CAGR of around 4% during 2017-2023.
In its endeavor to promote plastics exporters, PLEXCONCIL has lined up several Buyer-Seller Meets (BSMs) in virtual mode.
The PLEXCONCIL represents the exporting community in the Indian Plastics industry. Products from the Indian plastic industry are exported to over 200 countries round the globe with the major trading partners being the United States, European Union, China, the UAE, Saudi Arabia, Turkey, Nigeria, Indonesia and Egypt. #exports #manufacturing #banking /fiinews.com
