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Handicraft exports biggest victim of global recession
27
Apr '09
In 2008-09, India's handicraft export has fallen to US$ 1.79 billion. Ongoing recession in the US and many of the European economies has hit India's handicraft exports very hard, which halved it as compared to the last year.

Country's handicraft export for the year 2007-08 was US$ 3.48 billion. The Export Promotion Council for Handicrafts (EPCH) is taking efforts to decrease country's dependence on western market.

In this regard, EPCH is chalking out a plan to explore new markets in Latin America, China, Brazil and Middle East and hopes to recover in value the amount of handicraft exports as done in the year 2007-08.

Demand for Indian handicrafts like art metalware, woodware, hand printed textiles and scarves, zari goods and imitation jewellery is experiencing a large decline in the US and European markets.

Over 65 percent of the Indian handicrafts are exported to the markets of the US and the European Union and provide jobs to nearly 1 million people. The US and European shops have started buying Indian handicraft products again, expecting a revival in consumer buying say, experts.

Fibre2fashion News Desk - India


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