ENA Sectors 2024-05-02 13:11:56 <p><span style="font-size:14px"><strong>New Delhi, May 2 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The overall decline in plastic exports was attributed to muted global economic conditions, restrictive trade policies, and geopolitical tensions that have impacted international trade.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">This underscores the need for continuous efforts to boost exports and navigate the evolving global trade landscape.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37639 https://knnindia.co.in/news/newsdetails/sectors/indias-plastic-exports-dip-35-to-usd-1155-billion-in-fy24 2024-05-02 13:11:56 knnindia.co.in