Plastic exports rise 9.4% to USD 933 million in October: Plexconcil

Plastic exports grew 9.4 per cent year-on-year to USD 933 million as the raw material prices declined and festive demand in key markets increased, Plexconcil said on Thursday.

The country's plastic exports stood at USD 852 million in October 2022, industry body Plastics Export Promotion Council (Plexconcil) said in a statement.

"We are very pleased to see a positive movement in exports of most of the product segments in October. There is an increase in demand following the festival season in the key markets.

"We also saw a decline in raw material prices, which boosted exports. We hope that this trend continues into the next few months, and we are able to achieve overall growth despite the dampening performance in the past six months," Plexconcil Executive Director Sribash Dasmohapatra said.

Exports of consumer and houseware products improved by 6.3 per cent in October, primarily due to higher sales of tableware and kitchenware made of plastics, builders ware of plastics and furniture made of plastics.

It was seen that India exported more of builders' ware of plastics to the US and UK; and plastic furnitureto Panama, the Plexconcil data said.

Exports of cordage, fishnets and monofilaments experienced an increase of 17.3 per cent in October due to greater sales of made-up fishing nylon nets to countries like Chile, Kenya, Sri Lanka and the UK.

The export of FIBC, woven sacks, woven fabrics, and tarpaulin demonstrated a positive growth of 20.5 per cent in October due to increased sales of plastic sacks and bags to certain African countries, and flexible intermediate bulk containers in general.

Export of floor coverings, leather cloth, and laminates surged by 43.3 per cent during October, on account of higher sales of floor-coverings of PVC and textile fabrics impregnated, coated, covered or laminated with plastics to the US.

Export of human hair and related products were up by 49.1 per cent in October due to higher sales, unworked, whether or not washed or scoured to Myanmar and Human hair, dressed, thinned and bleached to China.

Medical items of plastics continued to perform well, and its exports were up by 15.3 per cent in October due to an increase in sales of spectacle lenses - which has contributed immensely to the positive growth in export of this particular panel, the data added.

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