Recent news reports highlights that the appreciation of Chinese currency will enable the Indian leather sector in garnering more market place share in the future. An unexpected rise in the cost of Chinese leather and leather products is forcing the US and European clientele to believe about setting up their manufacturing units in India.
The report further says that if the domestic industry gets its pricing ideal, then it could stroll away with at least 5% of the Chinese exports, specially the footwear segment. As of now, footwear alone accounts for approximately 45% of the general leather exports from India.
Leather bags suppliers are delighted over this mouth watering prospect and are quite optimistic about the surge in their sales. Though industry insiders say a cautious approach would be appropriate to adopt as a clear picture will emerge only in the subsequent 4 to six months. On prime of it, the full influence of the shift will be observed following two seasons.
Professionals candidly confess that China is a main competing nation for Indian leather products in the European and US markets. Even so, these days, Chinese merchandise are finding costlier due to currency appreciation and enhanced wages which in turn is proving to be a boon for countries like India. Moreover as the Chinese economy is below stress to develop into extra open, such instances would additional strengthen India’s industry share drastically.
It is also anticipated that for the duration of the present fiscal year, the European economy would show signs of improvement. This news holds relevance simply because EU is one of the major markets for numerous leather solutions (from India)like leather bags, leather wallets, leather goods, leather belts, leather pouches, leather jackets, leather luggage bags and so on.
On the other hand, the Indian government too has taken a quantity of measures and relief packages for its leather sector, to the tune of four,000 million rupees for the 10th leather program and Rs 9130 million for 11th leather program.
www.therealleathercompany.com/collections/leather-fanny-packs confirm that the subsequent six months would be crucial to judge market’s behaviour and trends. Several analysts echo the sentiment, that if the Indian leather sector is keen on grabbing this golden opportunity than their production capacity as effectively the processing capacity of the tanning units must go via a important overhaul.
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