CLE predicts leather exports will cross $6 billion in FY23
The Council for Leather Exports expects India’s leather goods exports to exceed $6 billion in the 2023 financial year thanks to increasing demand in international markets which is boosting export opportunities.
“The emerging business opportunities coupled with the slew of trade agreements signed and in [the] pipeline and the active support of the government will help in sustaining the export growth in the remaining months of the year,” said CLE chairman Sanjay Leekha on July 11, the Press Trust of India reported. “Considering these factors, the industry is confident of crossing the export value of $6 billion this year.”
In the 2022 financial year, which ended on Match 31, India’s total leather export value was at $4.9 billion. This represented a 32.5% increase in value from the 2021 fiscal’s total of $3.7 billion, according to the CLE.
The CLE also announced that the target set for the leather export industry is reaching a value of $10 billion by the 2026 financial year. This should be achievable as per the current growth rates, according to the CLE.
Markets which are currently witnessing significant growth include the US which saw 78.5% growth in export value of leather goods from the 2021 financial year to the 2022 financial year. India’s largest market for leather goods exports is Europe which grew by 44.6% in April and May this year, ET Bureau reported.
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