Indian shoe exports expected to double
Footwear industry representatives in India are predicting that the country’s shoe exports will double over the next few years.
According to the Indian Footwear Components Manufacturers Association, footwear exports are likely to double to around $3.4 billion in the 2013-14 financial year. The association claims the industry has been growing at a rate of around 10% per year and with the global economy on the road to recovery, this is expected to increase.
Footwear exports currently account for around 40% of India’s total leather and leathergoods exports, the association claims. The country currently produces approximately 2.1 billion pairs of shoes per year and domestic consumption has risen to two pairs per year compared with 0.5 pairs ten years ago.
"With the quality and price competitiveness that has been proved, I am confident that India will fast become a major player in the global footwear market, as more and more companies are shifting their sourcing needs as well as production basis towards us," president of the association, Mr B Bhaiya said.
