International BusinessHandicraft exports rise 177% in Sept
India"s handicraft exports increased by a whopping 177 per cent in September, raising hopes of a turnaround in the country"s overseas trade that has been battling global recession for the last 11 months.
- Shankar Acharya: A month to remember?">Shankar Acharya: A month to remember? - Finance executives say US in recession still: Survey - Rising rupee a big worry for exporters - Japan sees withdrawing economic stimulus "premature" - Structural shifts to benefit Asian companies: Fitch Ratings - Lessons of diamond industry should be taught at IIM-A: Study
Exports of handicrafts, 71 per cent of which are picked up by customers in the US and EU, increased to $46.87 million in September this fiscal, against a mere $16.88 million a year ago.
This increase came after a 21 per cent decline reported in the previous month of August, according to the data given by the Handicrafts Export Promotion Council (EPCH).
"There are signs of improvements in the traditional markets. Christmas and New Year orders are better," EPCH Chairman Raj Kumar Malhotra said.
He said the EPCH is organising its annual flagship "Indian Handicrafts and Gifts Fair" from October 10 at Greater Noida. Around 3,500 global buyers have confirmed participation in the fair, Malhotra said, adding the fair would boost business sentiment.
Though a low-value portfolio in the country"s exports basket of $170 billion, handicrafts exports employ seven million people. Lakhs of artisans have been facing tough times due to a demand slump in major international markets.
In fact, the handicrafts exports started declining much before the global financial crisis erupted in the middle of 2008. Exports have been declining for the last two years from $3.8 billion in 2006-07 to $1.79 billion in 2008-09.