Current news reports highlights that the appreciation of Chinese currency will aid the Indian leather business in garnering far more industry share in the future. An unexpected rise in the price of Chinese leather and leather goods is forcing the US and European clientele to believe about setting up their manufacturing units in India.
therealleathercompany.com/collections/leather-duffle-bags says that if the domestic industry gets its pricing suitable, then it could walk away with at least 5% of the Chinese exports, specifically the footwear segment. As of now, footwear alone accounts for about 45% of the overall leather exports from India.
Leather bags suppliers are delighted more than this mouth watering prospect and are rather optimistic about the surge in their sales. Although industry insiders say a cautious strategy would be ideal to adopt as a clear picture will emerge only in the subsequent four to six months. On leading of it, the complete effect of the shift will be observed right after two seasons.
Experts candidly confess that China is a significant competing nation for Indian leather merchandise in the European and US markets. Nevertheless, these days, Chinese merchandise are receiving costlier due to currency appreciation and increased wages which in turn is proving to be a boon for countries like India. Furthermore as the Chinese economy is under stress to grow to be more open, such instances would additional increase India’s marketplace share substantially.
It is also expected that for the duration of the existing fiscal year, the European economy would show indicators of improvement. This news holds relevance for the reason that EU is one particular of the important markets for different leather products (from India)like leather bags, leather wallets, leather goods, leather belts, leather pouches, leather jackets, leather luggage bags etc.
On the other hand, the Indian government as well has taken a quantity of measures and relief packages for its leather business, to the tune of 4,000 million rupees for the 10th leather program and Rs 9130 million for 11th leather strategy.
Leather bags suppliers unanimously confirm that the next six months would be critical to judge market’s behaviour and trends. Several analysts echo the sentiment, that if the Indian leather market is keen on grabbing this golden chance than their production capacity as nicely the processing capacity of the tanning units really should go through a important overhaul.
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