Handicrafts to bring $3.4bn by 2011-12

22 Feb '10

1 min read

Handicraft exports of India, are witnessing revival by penetrating new markets and demand recovery from European markets, and are anticipated to grow two fold to $3.4 billion by 2011-12 from estimated export value of $1.8 billion for the fiscal 2009-10, said Mr. Rakesh Kumar, Executive Director of Promotion Council for Handicrafts (EPCH).

In the fiscal 2008-09, these exports plummeted by 48 percent to $1.7 billion on account of the recession. After witnessing a steep fall in export demand for 11 consecutive months starting from October 2008, handicraft sector witnessed positive trend in exports from September 2009, recording 160 percent growth against same period of last year.

In 2008-09, around 70 percent of country's handicrafts were shipped to US and EU. Now, the regions like Latin America and the Caribbean, Africa and Asian countries are the target markets of Indian exporters, which has proved helpful to generate more demand, informed Mr. Kumar.

Latin America is a potential market for Indian handicrafts and may offer business of Rs. 50 billion in coming five years, added Mr. Kumar.

Fibre2fashion News Desk - India

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