Declining exports in India
The weak demand from key European countries impacted the performance of the exports of the Indian leather industry
Indian newspaper The Times of India is reporting that exports of the local leather industry have already fell by 5.6% year-on-year, in value, considering the first seven months of the fiscal year, and referring to data by the Council for Leather Exports (CLE).
According to the same source, exports of the leather industry have been falling since April. Amongst the different categories, exports of finished leather and footwear components registered the largest declines, with drops of 29.1% and 19.2%, respectively. Leather goods, growing by 2.4%, and non-leather footwear, increasing by 20.3%, registered good performances in the same period.
The fall in international prices of hides and skins is being referred as the main cause of the drop in exports.
Image credits: m0851 on Unsplash
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