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  • DAILY CURRENT AFFAIRS:Exports of chemicals increased by 106% during FY 2021-22

Exports of chemicals increased by 106% during FY 2021-22

Tags: National

Exports of Indian Chemicals has registered growth of 106% in 2021-22 over 2013-14. India’s exports of Chemicals for 2021-22 hit a record at US$ 29296 Million, whereas in 2013-14 India’s Chemical exports was US$ 14210 Million.

Other important facts:

  • The export growth of Chemicals has been achieved because of a surge in shipments of Organic, Inorganic Chemicals, Agrochemicals, Dyes and Dye intermediates, Specialty Chemicals.

  • The Indian Chemical industry has become a global player and earns foreign exchange for the nation with the “Make in India” approach.

  • India is the 6th Largest producer of Chemicals in the world and 3rd in Asia. India ranks 14th position in export of chemicals.

  • India leads in Dyes production and contributes to 16%-18% to world’s dyestuff exports. Indian Dye is exported to over 90+ countries.

  • India is 4th largest producer of agrochemicals in the world and manufactures more than 50% technical grade pesticides.

  • Almost 50% of agrochemicals are exported from India to the world. India is the largest producer and exporter of castor oil in the world and is responsible for almost 85-90 % of total global exports in this segment.

  • India exports to more than 175 countries and top destinations are USA, China and new markets viz. Turkey, Russia and North East Asian Countries (China, Hongkong, Japan, Korea RP, Taiwan, Macao, Mongolia) have also been added.

Benefits to medium exporters:

  • Increase in Chemical products exports has benefitted small and medium exporters from Gujarat, Maharashtra, Karnataka, Tamil Nadu and Andhra Pradesh.

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