Indian leather exports fell by nearly 10% for the fiscal year 2023-24, from $4.75bn in 2022-23 to $4.28bn, according to reports in the Indian press.
The drop was due largely to poor demand from major markets such as the US and Europe, with recessions in both the US and UK plus the Russia/Ukraine war cited as reasons for the decline in The Hindu Business Line.
The southern state of Tamil Nadu, India’s largest exporter of leather products, was the worst region hit, with export of leather products down by 18% to $1.66bn compared with $2.04bn previously.
However, M Abdul Wahab, regional chairman of India’s Council for Leather Exports, Southern Region, was reported as seeing “good positive trends in exports picking up”, and was confident they would “bounce back strongly”, particularly with Taiwanese investment taking place in Tamil Nadu.
