India's plastic exports saw a 5.6 per cent surge, reaching $ 1,113 million in March 2024 compared to $ 1,054 million in March 2023, according to Plastic Export Promotion Council (PLEXCONCIL). Drawing upon data from the Ministry of Commerce & Industry, Government of India, the PLEXCONCIL study reveals that made-up fishing nets reported its highest-ever monthly export during March 2024. However, plastics exports witnessed a fall of 3.5 per cent in 2023-24 (from $ 11,967 million in 2022-23 to $ 11,550 million in 2023-24).

In March 2023, higher exports were reported by- plastic films and sheets; FIBC, woven sacks, woven fabrics, Tarpaulin; floorcoverings, leather cloth & laminates; Packaging items - flexible, rigid; Plastic pipes & fittings; FRP & Composites; plastic raw materials; medical items of plastics; Cordage, fishnets & monofilaments; and Human hair & related products. However, product panels like miscellaneous products and items; consumer & houseware products, and writing instruments & stationery reported a negative growth in exports. 

Hemant Minocha, Chairman, Plexconcil, expressed, “India's plastic exports reached new heights in March 2024, surging to $1,113 million, a remarkable 5.6 per cent year-on-year growth. This stellar performance underscores the industry's resilience and our nation's growing prominence in global trade. Notably, we witnessed record exports of made-up fishing nets, cementing India's leadership in this domain. The robust growth across vital sectors like cordage, FIBC, woven fabrics, laminates, and composites reflects our commitment to innovation and quality. While certain segments faced headwinds, our overall trajectory remains upward, driven by our unwavering dedication to excellence. These achievements reinforce India's status as a formidable force in the international plastics trade.”

March 2024 saw a 3.7 per cent increase in exports of cordage, fishnets, and monofilaments as a result of higher sales of twine, cordage, ropes, and cables made of polyethylene or polypropylene and made-up fishing nets. In March 2024, India had its highest-ever monthly shipment of made-up fishing nets. India also closed this financial year with record high exports of made-up fishing nets.

The export of FIBC, woven sacks, woven fabrics, & tarpaulin showed a positive growth of 16.1 per cent due to higher sales of sacks and bags of plastics and flexible intermediate bulk containers. The export of leather cloth, laminates, and floor coverings increased by 19.0 per cent in March 2024 due to increased sales of vinyl chloride polymer floor coverings, Floor coverings, leather cloth & laminates, and textile fabrics impregnated, coated, covered, or laminated with plastics. India closed this financial year with record high exports of decorative laminates. There was an 18.4 per cent increase in the export of FRP and composites. Higher exports of plastic goods and articles made of other materials falling under headings 3901 to 3914 were the cause of this noteworthy increase. 

Flexible and rigid packaging items had a 20.2 per cent increase in exports due to increased sales of plastic sacks and bags, plastic caps and closures, and other articles used for packaging or transporting goods. The export of plastic films and sheets increased by 14.3 per cent in March 2024 as a result of higher sales of self-adhesive plastic films and sheets, propylene films and sheets; flexible polyethylene terephthalate films and sheets, and other plastic films and sheets for sun and dust control. Exports of plastic pipes and fittings rose by 30.2 per cent as a result of increasing sales of vinyl chloride polymer tubes and pipes as well as fittings, including elbows, flanges, and joints for pipes. India closed this financial year with record high exports of tubes and pipes of polymers of vinyl chloride; and fittings like joints, elbows and flanges of plastics. Plastic raw materials increased by 2.2 per cent in March 2024 as a result of higher sales of polyethylene having a specific gravity of 0.94 or more.

Sribash Dasmohapatra, Executive Director, Plexconcil, concluded, “India's plastic industry has experienced a notable surge in exports, particularly during the months of December 2023 to March 2024, signalling positive growth amidst fluctuating global economic conditions. Despite challenges faced by certain sectors, such as writing instruments and consumer houseware products, our focused efforts continue to drive positive outcomes. We remain optimistic about sustaining this growth trajectory and further enhancing India's position in the global plastics market.”