The country’s exports of leather, leather products and footwear have increased by 5.25% (value in rupee) during the period April-October as compared to similar period last year.
The information was released by local media Business Standard and refers to data received from the local Association, the Council for Leather Exports (CLE). According to this source, in the first 7 months of the current fiscal year (started in April 2018) the manufacturing based exports of leather, leather products and footwear from India increased by 5.25% in rupee terms as compared to similar period last year.
According to the same source, the manufacturing based export of leather, leather products and footwear from India increased from USD 5.65 billion in 2016-17 to USD 5.74 billion in 2017-18, growing by 1.65%. “The exports showed a decline of 9.84% and 3.56% in dollar terms during 2015-16 and 2016-17 respectively”, the Minister of State of Commerce and Industry commented.
He further explained: “The major reasons for the decline in exports are due to external factors, namely, recession in the major market of European Union, to which about 55% of exports are directed, instability in Middle-East, stiff competition from polyurethane garments to the leather garments segment, decrease in demand of non-leather footwear in African countries due to emergence of production centres in those countries and competition from China and decrease in global imports of finished leather”.
According to the latest edition of the World footwear Yearbook (AVAILABLE HERE), in 2017 India overtook the US as the second largest consumer of footwear: a milestone in Asia’s ascent to prominence in the world market, reflecting strong demographic and economic trends (READ ALL ABOUT IT HERE). According to the same source, in 2017 the country was the 2nd largest producer of footwear: 2 409 million pairs and a global share of 10.2%
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