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Handicraft exports likely to cross $1 billion
26
Oct '09
Irrespective of the economic slowdown, handicraft exports of Vietnam would go beyond $1 billion in the year 2010, hoped experts, as it has recently increased by 20 percent per year. This makes handicraft products to be one of the top 10 items with the highest export growth rates.

In the year 2008, when global economic crisis struck for the first time, handicraft exports of the country reached to $1 billion in terms of value, and now, when the world economy is experiencing gradual recovery, demand for handicraft products is going up, so the export value of handicrafts would probably go beyond $1 billion, expected the expert.

Including the markets such as the US, Russia, Japan, South Korea and Taiwan, handicraft products of the country are now accessible in 163 world markets. In addition, Vietnam is in talks with the EU for a free trade agreement to have an easy access in the EU markets.

Investments in handicraft production are advantageous though exports of these products are unable to bring much revenue compared to footwear or clothing exports, said experts. For producing Vietnamese handicrafts, mainly the domestically sourced materials are being used.

As per estimates, value of the materials, needed to import for the handicraft manufacturing sector is 3-3.5 percent of its export value, while in the case of garment products it is above 20 percent.

Around 1,400 craft villages are spread out across the country offering about 70,000 job opportunities for the local people and producing almost, 300 varieties of products made of bamboo, pottery, precious stones etc.

Spontaneous and independent development of the villages and production workshops are troublesome factors for craft villages which restricted a number of handicraft producers, from accessing updated technology and expand their business, said the expert.

Apart from this, involvement of third parties in the exports of Vietnamese handicrafts is another major issue, rather than these exporters directly dealing with the importers.

Fibre2fashion News Desk - India

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