Chemical exports from India crossed $30 billion (₹24,600 crore) in FY23, while provisional figures show $27 billion worth of exports were achieved from April 2022 to February 2023, says CHEMEXCIL (Basic Chemicals, Cosmetics & Dyes Export Promotion Council).

In 2021-22, the Indian chemical sector had grown by 38.67% in actual value and 13.62% in terms of volume to ₹24,313.88 crore (1,21,66,535 tonnes) compared to actual exports of 1,07,08,051 tonnes worth ₹17,533 crore in 2020-21.

"India has emerged as a reputed and reliable manufacturer and an international supplier of dyes & dye intermediates, basic chemicals, agrochemicals, cosmetics and toiletries, castor oils, etc. Chemicals and petrochemicals sector has the potential to transform India into a global manufacturing hub," Anupriya Patel, Union minister of state for commerce & industry said at the 47th Export Awards function of CHEMEXCIL in Mumbai, last week.

"India has become the preferred manufacturing destination for companies across the world and supply chain disruption during the pandemic period has really opened the doors for Indian suppliers to the world market," says S. G. Mokashi, Chairman, CHEMEXCIL.

Data shows the US became the biggest export destination for most Indian chemical products post the pandemic. In the case of dyes, exports to the US were the highest in 2021-22, worth $299 million, with a growth of 55% from the previous year. China ranks second with $289 million, a growth of 4%.

Inorganic chemical exports to the US grew 52% to products worth $175 million in 2021-22, and the next highest exports were to the United Arab Emirates, worth $110 million. The US also became the largest exporting destination for organic chemicals in FY22, worth $1,520 million with a growth of 62%. The next highest exports were to China worth $1469 million, where export growth was -2%.

In the case of agrochemicals, Brazil was the largest destination, worth $1243 million with a growth of 39%. Exports to the US stood second FY22, worth $1099 million with a growth of 71%.

Cosmetic exports to the US were worth $255 million in FY22 with a growth of 35%. The next highest was to the UAE, worth $225 million with a growth of 42%.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.