Handicrafts exports grow 17.5% to $2.7 bn in FY12 Close.

NEW DELHI: India's handicrafts exports jumped 17.5 per cent year-on-year to $2.7 billion in the 2011-12 fiscal, despite demand slowdown in major importing markets like the US and Europe.

In 2010-11, the exports stood at $2.3 billion, according to the data provided by the Export Promotion Council for Handicrafts (EPCH).

The growth in the last fiscal was mainly driven by growing demand in new markets like China and Latin America.

"There is an increase in demand from markets like China, Middle East and Latin America," EPCH Executive Director Rakesh Kumar said here.

He, however, said the demand is still weak in the US and European markets which are witnessing sluggish economic growth.

The US and Europe together account for over 60 per cent of the country's total handicraft exports.

Among items that registered the maximum growth in exports were imitation jewellery, which jumped 52 per cent followed by woodwares 46 per cent, shawls as artwares 33 per cent and miscellaneous items 30 per cent, in the last fiscal.

To reduce dependence on traditional markets, the exporters are exploring new markets.

The council expects handicraft exports to touch $300 billion.

Moradabad, Jaipur, Saharanpur, Jodhpur and Narsapur are the major handicraft hubs catering to world markets, employing one million people.

Source : economictimes.indiatimes.com