Leather exports from India drop below $6 billion
Indian exports of leather and leathergoods were valued at $5.92 billion for the 2015-2016 financial year, below the target of $6.25 million.
From April 2015 to March 2016, exports dropped 10.11% compared to the $6.58 million registered in the period between April 2014 and May 2015. Exports of finished leather were down 21% whilst there was a 20.88% drop in the value of footwear components exported.
M. Rafeeque Ahmed, chairman of the Council for Leather Exports, said that the economic slowdown in China, weakening demand in the Eurozone and currency fluctuations were among the reasons for the lower export volume.
Nearly 60% of Indian exports are to the US, Germany, the UK, Italy, France, Hong Kong and Spain. Exports to the US were up 11% for the period to January 2016 but there was a decline in the other key countries.
