India records decline in leather exports
Exports of leather and leather goods fell nearly 2024% in the fiscal year ending March 10 compared to the previous fiscal year due to weak demand in markets such as the US and Europe, Worldfootwear.com writes.
Exports of leather and leather goods, including sports goods, fell nearly 10% to $4,28 billion in the fiscal year ended March 31 from $4,75 billion in the previous fiscal, according to The Hindu Business Line. This result is a consequence of weak demand in India's major export markets such as the US and Europe.
In the United States alone, there is a 35% drop in exports, noted M. Abdul Wahab, regional chairman of the Leather Export Council of the Southern Region, according to him, the economic consequences of the military conflict in Ukraine cannot be ignored when considering the eurozone.
The Indian state of Tamil Nadu, the largest exporter of leather goods, recorded an 18% year-on-year decline to $1,66 billion in fiscal 2024 from $2,04 billion in the previous year, reducing its contribution to the total. leather export volume from 43,20% to 33,77%. India's second largest exporter of leather goods, Uttar Pradesh, increased its share marginally from 25,80% to 27,77% year-on-year.
“However, in the current financial year, we are seeing good positive trends in exports, which are gaining momentum. Along with recent investments in the southern region, especially in sports footwear, we are confident of a strong recovery,” added Wahab, alluding to the fact that large Taiwanese companies (including Pou Chen Group, Honk Fu, Feng Tae, Shoetown and Dean Shoes) signed an agreement with Tamil Nadu to begin production in the region.
Exports of leather and leather goods fell nearly 2024% in the fiscal year ended March 10 compared to the previous fiscal year due to weak demand in markets such as the US and...
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