CHEMICAL EXPORTS FOR FY24 MUTED BUT REVIVED IN MARCH
News: As per the Ministry of Commerce release, Organic and In-organic chemical exports grew ~40% to US$ 3.8 billion for the month of March 2024. For FY24 however, exports de-grew~3% to US$ 29.4 billion. Imports of Organic and In-organic chemicals de-grew 19% to US$ 2.1 billion for the month of March 2024. For FY24, imports de-grew 20% to US$ 26.7 billion.
Views: The March growth of 40% is on the heels of ~33% growth registered in the month of February. As per various management commentaries there has been visible revival in the discretionary chemical exports, but Agrochem exports are yet to be pick up. Similarly, after a significant destocking in the December quarter, many global players have re-stocking. However, the inventories at the global clients’ end are still below the pre-Covid levels.
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