Handicraft exports plunge 50.43% from April-Jan

Falling exports in the textile industry, more particularly in the handicrafts sector, have become a matter of concern for all and sundry; the stake holders and the government. This anxiety is more profound, since most of the workers in the handicraft sector hail from poor backgrounds and villages doting the Indian countryside.

Exports in December last year had fallen sharply by nearly 64 percent compared to the same period in 2007. Now the latest statistics released by the government paint a more dismal picture. Shipments from the sector, from April-January have fallen by an awesome 50.43 percent to US $1.31 billion from $2.65 billion y-o-y.

Commenting on the situation, the Executive director for Export Promotion Council of Handicrafts (EPCH) said, “Handicraft exports have been hit severely due to the global economic slowdown and the US and EU account for a majority of shipments. We are trying to diversify markets and EPCH is laying a thrust on Latin American countries.

Source: http://www.fibre2fashion.com/news/