Google+ Consumer Psyche: Consumer Psyche: Handicrafts Exports up by about 32%


Wednesday, December 7, 2011

Consumer Psyche: Handicrafts Exports up by about 32%

Indian handicrafts market got a boost this year, especially in October with an increase in orders from new markets like Africa, Latin America and the Middle East. The exports jumped by about 32 percent year-on-year to USD 55 million in October on the back of rising demand from emerging markets like Latin America and the Middle East. The country's handicrafts exports stood at USD 41 million in October last year, according to the data provided by the Export Promotion Council for Handicrafts (EPCH). However, demand was sluggish in Western markets like the US and Europe due to fragile economic growth, he said. The US and Europe together account for about 60 percent of the country's total handicrafts shipments.

During April-October, 2011-12, handicraft exports grew by 20 percent year-on-year to USD 1.2 billion. Among the items that registered the maximum growth in overseas shipments, woodwares exports increased by 46 percent in October, while handprinted textiles and scarves exports grew by 44 percent, artmetal ware exports by about 33 percent, shawls as artware exports by 30 percent and imitation jewellery exports by 29 percent.

The council expects handicrafts exports to touch USD 2.7 billion in the current fiscal. During April-March, 2010-11, handicrafts shipments jumped by about 26 percent to USD 2.3 billion in comparison to the previous fiscal. Moradabad, Jaipur, Saharanpur, Jodhpur and Narsapur are the major handicraft hubs in the country catering to world markets, employing one million people.

There could be several reasons why this is happening. While the major reason could be the quality and cost effectiveness when compared to the competition, it is also the reach of the handicrafts to the buyer across the borders. With more manufacturers increasingly willing to push their wares online and soliciting trade, it is easier to be spotted and provides a wider choice.

No comments: