India’s August Handicrafts Exports Jump 22% y-o-y.

Riding on the back of a surge in demand from new destinations like Latin America and Middle East, handicraft exports from India with a year-on-year rise of 22 percent jumped to US$ 452 million during August this year over August 2010’s exports worth US$ 369.7 million, the Export Promotion Council for Handicrafts (EPCH) data revealed.

Though demand from conventional markets like the EU and the US moved sluggishly, a rise was noted in demand from emerging markets like Latin America, Africa and the Middle East. However, around 55 percent of the total handicraft exports from India were towards the EU and the US.

The initial five months of the current fiscal witnessed handicraft exports from the country rising by 21.3 percent to US$ 1.1 billion, as compared to corresponding period of last fiscal.

Shawls as artwares were among the major contributors to the export growth during August this year, which registered a rise of 33.8 percent.

According to the EPCH estimates, handicraft exports from India during the current fiscal 2011-12 are likely to rise to US$ 2.7 billion, up from last fiscal’s exports worth US$ 2.3 billion, which was 26 percent higher than exports of fiscal 2009-10.

Source : fibre2fashion.com