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Due to the sluggish US and European economy, Indian leather exports are expected to witness a slower growth in the current financial year as compared to last year.
Leather exporters in the country are facing a considerable decline in volume exports to these major destinations, leading most of them to turn to other markets such as South Africa and South Asian countries.
Leather goods exports, which grew by 29% in the last financial year, is expected to grow by 20% up until March 2013, commerce secretary S R Rao said. Due to the uncertain environment, global trade is contracting and there is a need for India to come up with innovative solutions to increase its market share, he added.
Even as Indian exporters are receiving orders from other countries, the Council for Leather Exports (CLE) said orders are low at the moment. The CLE is expecting a minimum growth of 15% in leather exports this financial year. "Our share of market in the US and Europe is still small. Despite the slow growth, there is still scope for us to grow our market share," Rafeeque Ahmed, chairman, CLE said.
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