India's plastics exports up 5% during January

 

Over the years, India’s plastics and its articles exports saw a formidable amount of growth. According to India import export data reports, in 2022, the country’s overall plastics and its articles exports stood at $38 billion. Whereas, this year, India’s plastics exports crossed the $40 billion mark with a sleek 5% of increase. 

There were a wide range of plastics items exported by India in the last fiscal year. The top exported category among plastics items were consumer, household items, plastic raw materials, plastic sheets, woven fabrics, plastic pipe, tarpaulin, packaging items, human hairs, instruments, stationery items, etc. 

As per India export data reports, the top markets for India's plastics exports were the United States, United Kingdom, United Arab Emirates, and Iran. Among the fastest growing markets for India's plastics items exports were Belgium, Sierra Leone, Bangladesh, and Tanzania. Among the fastest growing plastics export companies from India were Rewati International, Nestor Converters and Sree Shyam Poly Technik Limited. 

The latest January 2024 India customs data shows an exceptional amount of growth across India's plastics industry. Among the most profitable items were plastic sheets, raw materials, laminates, woven fabrics, tarpaulin, medical items, plastic pipes, floor covers, etc. In January 2024, India exported a record $916 million with 5% growth as compared to the same period in 2022.

The United States accounted for the maximum number of shipments in Jan 2024. The USA imported nearly $107 million worth of plastics products during January. The United Arab Emirates, China, Nepal, United Kingdom, Saudi Arabia and Italy were among the fastest growing markets for India's plastics exports. Interwrap Corp from the United States, Zhejiang Future Petrochemicals from China and Future Plast Industries from the UAE were the top plastics import companies from India during January 2024.

On the other hand, India's plastics imports reduced significantly. India import data shows that nearly $22 billion worth of plastics imports reported by India during FY 2023. During August 2023, the highest value for plastics imports were recorded, that was $2.3 billion in 2023. Last year, 25% of India's plastics imports came from China with a total import value of $5.7 billion. 

The second biggest plastics exporter to India was the United States with $2 billion worth. India's other prominent destinations for plastics imports were Saudi Arabia, Thailand, United Arab Emirates, South Korea, Japan and Singapore. The Supreme Industries, Dow Chemical International and Overseas Polymers were the top plastics import companies from India responsible for maximum number of shipments in 2023.

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