The plastics exports are likely to remain flat this year following the global economic downturn and a decline in raw material prices, however, the government has set a target to triple exports to USD 1 trillion in five years, exporters body on Thursday said.
"Plastic exports have been growing since the last two years. It grew by 17 per cent in 2017-18 at USD 8.85 billion and 24 per cent in 2018-19 at USD 10.89 billion. However, it declined by 3.9 per cent in the first half of this year and is expected to recover in second half finish the year flat compared to last year, the Plastics Export Promotion Council (Plexconcil) ED Sribash Dashmohapatra told PTI here.
The main reason for the slowdown in exports is the economic downturn in the export markets and a decline in raw materials prices, he added.
However, he said, there has been 6.6 per cent growth in exports of value-added plastics and the due to the trade war the shipments grew by 13 per cent to the US in the first half of this financial year.
In the aftermath of the US-China trade war, the government is going all out to support apex export trade promotion bodies like PLEXCONCIL, CHEMEXCIL, CAPEXIL and SHEFEXIL for promotion of plastics, chemicals and allied materials, he said.
The government has set a target to triple India's exports from USD 331 billion to USD 1 trillion within a short span of 5 years.
"The government is urging exporters to explore new markets and to expand the existing one to take advantage of the huge potential provided by the trade war between the US and China. China's exports of plastics and allied material was USD 64 billion in 2018. This shows the opportunity," he added.
For this, the government has joined hands with an apex plastic export bodies to organise 3-day CAPINDIA Expo 2019 from December 2, which will provide a platform for exporters to connect with trade delegations and buyers from countries including the US, Japan, Nigeria, Ethiopia, Tanzania, Australia and New Zealand, he said.
More than 48 countries are participating in CAPINDIA Expo 2019.