India’s plastic exports fell by 3.5% to $11.55 billion in fiscal year 2024 (FY24) from $11.96 billion in FY23, despite a positive year-over-year (y-o-y) growth of 5.6% in March 2024 to $1.11 billion, according to data from the commerce ministry analyzed by Mint. The decline in exports was attributed to muted global economic conditions, restrictive trade policies, and geopolitical tensions that have impacted international trade. In March 2024, exports of cordage, fishnets, and monofilaments witnessed a 3.7% increase to $26.2 million from $25.3 million in the same month last year. However, the overall trade in these products contracted by 4.7% in FY24 to $259.8 million from $272 million. Exports of floorcoverings, leathercloth, and laminates recorded the highest growth of 19.6% in FY24 to $693.7 million from $579.9 million in the previous year, while FRP and composites exports stood at $480.1 million, registering a growth of 12.9% in FY24 from $425.1 million in FY23. Exports of miscellaneous products and items declined by 30.8% to $715.9 million from $1031.9 million in the last fiscal year. In contrast, medical plastics exports saw a 10.4% increase in March 2024, driven by higher sales of syringes, catheters, cannulae, and spectacle lenses, which increased to $48.7 million from $44.1 million in the corresponding months of the previous year. Additionally, flexible and rigid packaging items saw a 20.2% increase in exports, attributed to higher sales of plastic sacks and bags, plastic caps and closures, and other articles used for packaging or transporting goods. Despite these positive growth areas, the overall decline in plastic exports highlights the challenges faced by India’s export sector due to global economic conditions and geopolitical tensions.
India’s Plastic Exports Dip 3.5% to $11.55 Billion in FY24
