Stagnant demand in Europe and weak demand in the US will not hinder leather exports from India and it is expected to retain growth of over 10 percent next fiscal backed by rising demands in markets like Africa and Brazil, trade officials said Wednesday.
"With production base stagnating in Europe (following the Eurozone crisis) and slow demand growth in the US (two of the major importers), the government is looking at other markets," India Trade Promotion Organisation (ITPO) executive director Neeraj Kumar Gupta said.
ITPO is the nodal agency of the Central government for promoting the country's external trade.
Talking to reporters on the sidelines of the formal announcement of International Leather Goods Fair (ILGF) during Feb 18 to 20, Gupta said leather exports from India were expected to retain growth of over ten percent next fiscal, buoyed by rising demand from alternate markets in Africa, Brazil and Commonwealth of Independent States countries.
He said the central government had been taking part in various overseas fairs to promote the leather sector and increase its share in the global leather products from the present three percent.
ILGF, an annual event, is being jointly organised by ITPO, Council for Leather Exports and the West Bengal government.
Gupta informed that as many as 19 overseas buyers would participate in the fair.
Export of leather from India was $3.8 billion in 2010-11, Gupta said, adding it was expected to reach about $4.5 billion at the end of this fiscal.
------IANS
Post new comment