Chennai

Leather exports down 16.8% in August 2020

India’s export of leather, leather products and footwear fell about 16.8% to $356.15 million in August 2020, when compared to $428.16 million in August 2019. However, industry sources said the exports were showing signs of revival.

Aqeel Ahmed Panaruna, chairman, Council for Leather Exports, said the August 2020 numbers were about 83% of last year’s exports in dollar terms.

“We are pleased with this turnaround as export performance was about 60% in June 2020 and 73% in July 2020 as compared to the same period last year,” he added.

Mr. Panaruna pointed out that the industry is confident of achieving 90% of last year’s exports in September 2020. However, he noted that exports during the third quarter i.e. October–December 2020 depended on COVID-19 impact in the overseas market.

“As of now, there is increasing demand for casual products and lesser demand for formal products as more people are still working from home, but we are optimistic that once the pandemic situation eases, the overall demand will increase and there will be more opportunities for us,” Mr. Panaruna said.

He pointed out business turnaround may take at least six months and hopefully from February 2021 onwards, there might be further improvement provided a second COVID wave does not hit the countries.

Mr. Panaruna said the industry should be prepared for unexpected challenges and at the same time utilise the emerging market opportunities.

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Printable version | Oct 24, 2020 3:57:04 AM | https://www.thehindu.com/news/cities/chennai/leather-exports-down-168-in-august-2020/article32655629.ece

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