A look at other markets by plastic exporters withdrawing US GSP arrangements

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Mumbai, Ta. August 20, 2019, Monday

With the withdrawal of the Generalized System of Preferences (GSP) by the US in June this year, the country's plastic exporters are looking for new markets, including CIS countries, Africa and Latin America, so that their exports are not affected.

The perennial markets, including the United States and China, have their own challenges. Besides the ongoing trade war between them, there is a danger that the US will withdraw India's generalized system of preferences and the ongoing economic slowdown in China will reduce India's plastic exports to these countries.

About 6% of the country's total plastic exports are exported to perennial markets, including China and the United States. Although plastic is consumed in large quantities in CIS countries, Africa and Latin America, India's plastic exports to these markets are very low.

To increase the export of plastics to these countries, the amount of marketing has been increased from Rs 1 crore to Rs 5 crore.

India's plastic exports currently stands at $ 3 billion, with the Center guaranteeing the industry to solve its problems by more than double to $ 2 billion, a senior official at The Plastics Export Promotion Council said.

India imports up to 1 lakh tonnes of plastic scrap a year, of which 3% is used for the production of export range plastics.


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