Plastic exports may hit $8 bn in FY13, domestic consumption set to zoom
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Despite a negative growth of 8% in the first half of the current fiscal, the plastic exports from India, including that of polymers, films/sheets, other packaging materials, woven sacks/FIBCs (Flexible Intermediate Bulk Containers) and writing instruments, are expected to touch $8 billion as against $7.2 billion in the previous financial year.
Given its increased usage across all sectors, plastics consumption is expected to jump sharply to 550 million tonne by 2020 as against 354 million tonne now, said RP Kalyanpur, executive director, Plastic Export Promotion Council or Plexconcil.
Speaking to the FE, Kalyanpur said: "The council, a non-profit body under the department of commerce, hopes to offset the lost growth in the first half with a renewed thrust on countries in the Gulf, African and Middle East that offer huge market. Though we have reported a 8% negative growth in the first half of current financial year owing global slowdown, we hope to end the financial year with a positive growth to touch $8 billion exports. Originally, we had targeted to grow 20% over the last financial year."
According to him, out of total exports, polymers alone account for 32%, followed by PET (12%) and the rest being shared by FIBC, writing instruments. Europe, US, China, UAE are the top trading partners for India in exports. Of the total $4 billion imports by UAE, the Indian exports garner only 5.8%, preceded by China with 17%, Saudi Arabia with 16.8% and Germany's 6.3%. "Plexconcil's estimated potential in the Middle East is about $30 billion and Africa $16 billion. The present share is of the order of 3% in both these regions. Plexconcil expects that the forthcoming ArabPlast, to be held in January 2013 in Dubai, will offer a strong platform to enhance India's share in the region to more than double," Kalyanpur said.