UK plastic and related products imports from India
Indian share in UK's total plastic export and import
India enjoys a larger share of total trade with 60% of the total bilateral trade. Though, its share dipped a bit in 2008 from the levels of 2007. UK started the decade with a larger share in bilateral plastic trade but only to loose its position to India since 2003. Share of India's plastic products industry, on the basis of value added, is about 0.5% of India's GDP. The exports of plastic products also yield about 1% of the country's exports. The major plastic products that India exports are: PVC, Polypropylene, Polyethylene, Polystyrene, ABS, Polyester chips, Urea / Phenol Formaldehyde, Master batches, Additives, etc.
Trade Growth and Declines
- Trade in 2008: The exports of Plastics and related products from the UK to India stands at GBP 42m while that of Import from India to the UK is at GBP 64m.
- Despite the impact of recession in 2008, the exports of Plastic and related products from the UK to India, grew by 12% in 2008.
- Whereas the UK’s Import from India grew only by 1.9% in 2008 when it grew by a mammoth 27% in 2007.
- The total bilateral trade witnessed the highest percentage change of 33.2% in year 2005 on Year-On-Year (YOY) basis.
- In 2006 the exports of Plastic and related products from the UK to India fell by around 11%.
- Lowest growth in total trade was observed in 2006 when it grew by a meager 4.9%.
- Total bilateral trade in 2008 grew by 5.87% as compared to last year’s growth rate of 18.98%.
Share of Trade
- UK’s total import from the world was GBP 9.45b in 2008.
- India’s share in the UK’s import in 2008 was 0.68% which was little less of its share in 2007.
- UK’s total exports to the world were GBP 6.6b in 2008.
- India’s share of the UK’s export rose in 2008 from the 2007 level.
- India’s share of total exports of UK was almost 0.63% in 2008.
- Earlier the UK used to have a larger share in total trade, in 2003 India for the first time overtook UK in export amount, from 2005 onwards India has been having larger of the pie.
- India’s share in 2008 reduced by 2.8% and came down from 62.8% to 60% from the previous level of 2007.