09 February 2009 11:31 [Source: ICIS news]
NEW DELHI (ICIS news)--US exports of plastics-related products to India surged 41% year on year in 2008, while US imports from India rose 26% in the same period, a senior US industry representative said on Monday.
Plastic resin, finished goods and machinery to India amounted to an estimated $550,000 in 2008, while US imports from India during the year totalled around $350,000, said Neil Pratt of the US Society of the Plastics Industry (SPI).
“While one reason for the surge in US plastics exports to India last year was waning demand in the US – a fallout of the spiralling economic meltdown – the main reason was a recognition by US businesses that India presented an immense market opportunity,” said Pratt.
Pratt was speaking to ICIS news on the sidelines of PlastIndia 2009, ?xml:namespace>
Although China is still the third-largest export market for US plastic resin makers, the Chinese appetite for plastic imports was not as robust in 2008 as in earlier years, said Pratt.
“Also, US producers feel there is a need to diversify the geography of exports to survive the bumps in the road to economic recovery,” he said.
The Indian market is still showing positive growth, despite the dent in demand caused by the global downturn, and the
A further reason for eyeing the Indian market was the decline in US plastics exports to
The SPI submitted a letter to
The export volumes of plastics from
With Indian producers expanding capacity and their
Events like the India-US Plastics Industry Summit, which was held on 5 February in
PlastIndia 2009 started on 4 February and ends on 9 February.
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