New Delhi, May 2 (KNN) India's plastic exports witnessed a decline of 3.5 per cent in the fiscal year 2023-24, falling to USD 11.55 billion from USD 11.96 billion in the previous fiscal year, according to data from the Ministry of Commerce.

However, the sector saw a positive year-on-year growth of 5.6 per cent in March 2024, reaching USD 1.11 billion in exports.

The overall decline in plastic exports was attributed to muted global economic conditions, restrictive trade policies, and geopolitical tensions that have impacted international trade.

Despite the late surge in March, the cumulative value of India's merchandise exports during the April 2023 to March 2024 period stood at USD 437.1 billion, a decrease of 3.1 per cent compared to USD 451.1 billion during the same period last year, due to similar unfavourable global economic conditions, trade policies, and geopolitical tensions.

While the plastic and made-up fishing nets sectors have demonstrated resilience and growth, the decline in the cumulative value of merchandise exports highlights the challenges faced by India's export sector.

This underscores the need for continuous efforts to boost exports and navigate the evolving global trade landscape.

(KNN Bureau)