The Indian plastics industry has been established and developed expressively since its beginning in 1957. The plastics industry in India has now evolved to become one of the most significant areas of the nation’s economy, holding over 30,000 companies and employing more than 4 million people. India is also one of the world’s major exporters of plastic products. India produces and exports a variety of raw plastics used in different industries, such as laminates, electronic equipment, medical wares, etc. The United States is India's largest trading partner for plastics, with bilateral trade in goods and services reached $142 billion in 2022, based on plastic import data. In this blog, we will briefly discuss India and U.S. key plastic trade facts and help you understand the plastic trade data of India in brief.
According to India import data, India imported US$ 19.15 billion worth of plastics in 2022-23. This is an enormous rise over previous years and made India as one of the world's largest plastics importers.
The major types of plastics that India imports are:
India imports plastics for a number of reasons. First, India's domestic plastics output is insufficient to meet the country's needs. Second, to fulfill the special needs of its domestic businesses, India imports plastics. However, the import of plastics also has some adverse consequences. First, it contributes to India's trade deficit. Second, it can lead to environmental issues, such as plastic pollution.
According to the official statement, India has the potential to become a global plastic supplier, and the local plastic industry is expected to more than double to a value of Rs 10 lakh crore by 2027-28. According to the All India Plastics Manufacturers' Association, the plastics market in India is worth Rs 3.5 lakh crores.
Based on plastic export data, the exports of plastic material during 2021-22 were valued at US$ 13.34 billion. It was a 33.4% growth from the 2020-21 exports valued at US$ 10 billion. Plastic raw materials were the most extensively exported type and comprised 30.7% of the absolute exports in 2021-22; it recorded a gain of 26.5% over the previous year.
India's plastics and linoleum exports were valued at $1,073 million in May 2022. During the same period of time, medical plastics, plastic films and sheets, plastic pipes and fittings, FRP and composites, packaging goods, cordage fishnets and monofilaments, and miscellaneous products had significant growth. The overall export amount for April and May 2022 increased 2.6% year on year to US$ 2,173 million.
Overall, plastics exports between April and September 2022 were valued at US$ 6.38 billion. During this period, the exports of plastic raw materials, medical items, and pipes and fittings increased by 32.3%, 24.8%, and 17.9% over the last year, respectively.
Also Read: India-US Bilateral Trade Partnership
As per the plastic imports data, the United States was the biggest importer of plastics in 2022, with imports valued at US$122 billion. The United States imports a wide range of plastic products, such as resins, machines, parts, and completed goods. China, Mexico, Canada, and Germany are the primary sources of US plastic imports.
China was the second largest importer of plastics in 2022, with imports valued at $89.9 billion based on Export import data. China imports a diverse range of plastic products, such as resins, machinery, parts, and completed goods. South Korea, Japan, and the United States are the primary sources of Chinese plastic imports.
So, the above mentioned countries were the major importers of plastics in 2022. For more specific information on importers or exporters, you can visit Seair Exim Solutions to discover India import export data, HSN codes, and much more.
India exports plastic to more than 200 nations around the globe. The leading five consumers and houseware product importing countries are the USA, Germany, Japan, the UK, and France, as per Indian export and import data. India mainly exports plastic and related products to the USA, China, UAE, Germany, Italy, the UK, Bangladesh, Nepal, Turkey, France, Vietnam, and Indonesia, as per plastic import data.
The absolute value of exports to the US, the major consumer of the Indian plastic industry, was valued at US$ 2,430.8 million in 2021-22.. China is the second biggest consumer of plastic export products from India, and the absolute value of exports was valued at US$883.5 million as per Export Data India. The US and China constituted 18.21% and 6.62% of the total plastic exports in 2021-22.
In accordance with Prime Minister Shri Narendra Modi's clear appeal to phase out single-use plastic goods, India prohibited the manufacturing, import, stocking, distribution, sale, and use of designated single-use plastic items.
The restriction on single-use plastics in India creates tremendous opportunities for US resin suppliers. Demand for alternative materials is increasing as India seeks to replace single-use plastics, and US vendors are well-positioned to supply this demand.
Suppliers in the United States enjoy several advantages over their competitors. First of all, they have an extensive record of invention and are always inventing new and improved resins. Second, they have a significant presence in India and are well-versed in the Indian market. Third, they have a solid reputation for dependability and quality.
By 2025, the Indian central government is aiming to increase the nation's plastic export earnings to US$25 billion. Several plastic parks are being gradually established nationwide to improve the output of plastic manufactured in India. Government programs, including "Make in India," "Digital India," and "Skill India, will help the country's plastics sector. For example, the government intends to increase the number of local plastic part makers by reducing the reliance on imports under the "Digital India" program. If you are trading globally and exporting plastic products across borders, then the plastic export import data might help you identify and analyze your target market and discover detailed market insights about it.
Also, if you need any particular plastic HS codes, Seair Exim Solutions is the best market research platform where you can obtain a HS code finder for the particular product. So, if you have any query related to plastic import data, India import export data, US imports data, or the US importers list, Seair Exim Solutions helps you understand the global market insights at your doorstep. Book a free live demo today!
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