Recent news reports highlights that the appreciation of Chinese currency will enable the Indian leather market in garnering far more marketplace share in the future. An unexpected rise in the expense of Chinese leather and leather goods is forcing the US and European clients to consider about setting up their manufacturing units in India.
The report additional says that if the domestic sector gets its pricing correct, then it could stroll away with at least 5% of the Chinese exports, especially the footwear segment. As of now, footwear alone accounts for around 45% of the overall leather exports from India.
Leather bags suppliers are delighted more than this mouth watering prospect and are pretty optimistic about the surge in their sales. Although leather duffle bag say a cautious strategy would be right to adopt as a clear image will emerge only in the next four to six months. On top rated of it, the complete impact of the shift will be noticed following two seasons.
Experts candidly confess that China is a major competing nation for Indian leather products in the European and US markets. Nevertheless, these days, Chinese products are receiving 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 under pressure to turn out to be far more open, such instances would further boost India’s industry share considerably.
It is also expected that during the present fiscal year, the European economy would show signs of improvement. This news holds relevance due to the fact EU is one particular of the significant markets for several leather products (from India)like leather bags, leather wallets, leather goods, leather belts, leather pouches, leather jackets, leather luggage bags and so forth.
On the other hand, the Indian government also has taken a number of measures and relief packages for its leather sector, to the tune of 4,000 million rupees for the 10th leather plan and Rs 9130 million for 11th leather plan.
Leather bags suppliers unanimously confirm that the subsequent six months would be vital to judge market’s behaviour and trends. Lots of analysts echo the sentiment, that if the Indian leather market is keen on grabbing this golden opportunity than their production capacity as well the processing capacity of the tanning units should really go by way of a significant overhaul.
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