INDIA: Handicraft exports dip by a staggering 54% in April-Feb
Exports of handicrafts from the country have been continuously witnessing a sharp dip, more so since December 2008 and the plunge has continued in the months of January and February, more so to do with economic turmoil and the resultant recessionary trends.
For the current fiscal (2008-09), beginning from April to February, exports of handicrafts have fallen by a staggering 54.73 percent to US $1.35 billion. From amongst handicrafts, the highest negative growth generators are textile, scarves and embroidered goods.
Export of hand printed textiles and scarves fell sharply from $422.51 million to $208.06 in the same period of the previous fiscal to fall by a drastic 50.76 percent. Shipments of embroidered and crocheted goods also fell from $1,031 million to $427.38 million, down 58.55 percent.
This drastic fall has taken place despite the government having announced a number of measures for the handicraft industry which employs around seven million craftsmen and ships 50 percent of its exports to the markets of the US, which is its biggest overseas market.
Added: March 13, 2009 Source: Agencies