Backed by increasing demand from emerging markets like the Middle East and Latin America, a surge has been noted in handicraft exports from India during the month of October.
Registering a year-on-year rise of around 32 percent, the country's handicraft exports grew from US$ 41 million in October 2010 to US$ 55 million in October this year.
Handprinted textiles and scarves and shawls as artwares were among the major contributors to the export growth during October this year, with each registering a rise of 44 and 30 percent, respectively.
Although the demand from Western markets such as the Europe and the US moved sluggishly due to scanty economic growth there, a rise was noted in orders flowing from emerging markets like Latin America, Africa and the Middle East.
Around 60 percent of the total handicraft exports from India are destined to the EU and the US markets.
During the initial seven months of the current fiscal 2011-12, India's handicraft exports growing at 20 percent year-on-year increased to US$ 1.2 billion.
According to the Export Promotion Council for Handicrafts (EPCH) estimates, country's handicraft exports are likely to touch US$ 2.7 billion during the current fiscal. Last fiscal, the exports jumped to US$ 2.3 billion, showing a year-on-year rise of 26 percent.
Fibre2fashion News Desk - India
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