Indian leather sector exports fell 10.73% last fiscal: CLE

25 Jun '20

2 min read

Pic: Shutterstock

Indian leather and leather products exporters, severally hit by the lockdown, have started focusing on completion of production schedule and timely execution of orders, according to Council for Leather Exports (CLE), which recently said exports in the sector declined from $5.69 billion in 2018-19 to $5.08 billion in 2019-20, registering a dip of 10.73 per cent.

The sector suffered export losses to the tune of $1 billion because of the lockdown, CLE chairman Aqeel Ahmed Panaruna said.

"The industry is keen to utilise the emerging opportunities and get back on the export growth path at the earliest," he said in a statement.

This decline in export continued in April and May 2020 as well. In April, the shipment declined by 93.28 per cent to $22.25 million, while it contracted by 75 per cent to $106.27 million in May, according to a news agency report. Panaruna said the decline will continue in June too.

"Our major markets of Europe and USA (to which 70 per cent of our exports are directed) were severely affected by the COVID-19 pandemic, leading to huge cancellation of export orders and delay in payments for exports already made. This is the reason for the huge decline in exports," he said.

Panaruna added that these markets have now opened and have placed orders for the upcoming autumn/winter season.

Fibre2Fashion News Desk (DS)

More Council for Leather Exports News... More Apparel/Garments News - India...