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Handicraft exports soar up by 177%

10
Oct '09
In the month of September, handicraft exports of India soared up by 177 percent. This export growth in handicrafts shows signs of recovery in country's international trade that has been struggling to overcome economic downturn since last 11 months.

In September of ongoing fiscal, export of handicraft items reached $46.87 million from $16.88 million recorded in the same period of last year, while in August of the current fiscal these exports reported a plunge of 21 percent.

71 percent of the total handicraft products exported in the month of September are absorbed by the markets of the US and EU.

Handicrafts Export Promotion Council (EPCH) Chairman Raj Kumar Malhotra said that traditional markets would see improvement in handicraft sales due to the upcoming occasions such as Christmas and New Year.

Export of handicraft products offers employment to around 7 million people, out of which millions of artisans have been affected drastically due to demand fall in key international markets.

Country's handicraft exports started experiencing downward trend much before the explosion of global financial slowdown in the middle of 2008 and shipments from the sector have been falling since the last two years.

In 2008-09, handicraft exports slipped to $1.79 billion compared to exports of $3.8 billion in 2006-07.

Mr. Malhotra informed that the EPCH is holding its annual flagship 'Indian Handicrafts and Gifts Fair' from October 10, wherein around 3,500 buyers from across the globe will mark their presence.

Fibre2fashion News Desk - India


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