Plastics exports decline 15% in July on lower demand, says Plexconcil

Plastics exports from the country declined 14.6 per cent to USD 956 million in July mainly due to decreasing demand in key export markets like the US and Europe, apex industry body Plastics Export Promotion Council (Plexconcil) said on Monday. The overall exports during July 2022 stood at USD 1.119 billion, Plexconcil said in a statement.

Flexible Intermediate Bulk Containers (FIBC), plastic raw materials, packaging items, plastic films and sheets, and plastic writing instruments and stationery witnessed a major decline in exports.

Meanwhile, cumulative plastics exports during the April-July period also dropped 14.9 per cent to USD 3.741 billion as against the year-ago period.

"We are happy to see that consumer and houseware products, floor coverings, leather cloth, laminates, medical items of plastic... Are doing really well. The Indian plastics industry is undergoing a phenomenal transformation and is experiencing accelerated growth in recent years," Plexconcil Executive Director Sribash Dasmohapatra said.

Some categories witnessed positive growth while others saw a decline due to global demand fluctuations, market preferences and economic conditions, he said. The fibre-reinforced plastic and composites category displayed notable growth, expanding 7.6 per cent due to increased sales.

Medical items made from plastic, too, saw a 6.2 per cent increase in exports, propelled by elevated sales of spectacle lenses and blood transfusion apparatus. Exports of India's products witnessed strong growth in 2022-23, with a value of USD 12 billion, according to official data.

The top export destinations for Indian plastics products during this period were the US, China, the US and the European Union.

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.