Indian Handicraft Exports Witness Rising Trend

Source from: www.fibre2fashion.com

Global economic slump significantly affected Indian handicraft exports towards the end of 2008. But after experiencing the contraction for 11 months, the sector once again started delivering positive results since September 2009 onwards. 

The month of November last year saw the sector’s exports growing by around 48 percent from $44.81 million in November 2009 to $66 million in November 2010. This rise in exports is mainly attributable to the rise in demand from western markets like the US and Europe.

EU and the US jointly constitute around 70 percent of the country’s overall handicraft exports.

The initial eight months of current fiscal saw country’s handicrafts exports registering a growth of 25 percent as it increased to $1.13 billion from $912 million during the corresponding period last year.

The government, in view of the rising demand for handicraft items from the western countries, has revised its old handicrafts export target of $2.2 billion for the current financial year and has set it at a higher level of $2.5 billion. The handicraft sector of the country serves as a source of livelihood for over one million people.