Indian leather sets export target for 2023: $6 billion

Indian leather sets export target for 2023: $6 billion

The Indian leather industry’s export target stands at over USD 6 billion in 2023. This is predicted by CLE (Council for Leather Exports). The sector’s foreign sales in the fiscal year are thus estimated to grow by more than USD 1 billion compared to 2022. The optimism stems from the important demand coming especially from Europe. Not only that. CLE itself expects exports to reach $10 billion by 2026.

The export target

2023 will be a golden year for Indian leather. And it marks the intermediate step, according to CLE, in a broader growth path. In 2022, the industry closed the books with foreign sales of USD 4.9 billion. This figure already marked an increase of 32.5 per cent compared to 2021, when export volumes were USD 3.7 billion.

 Reasons and estimates

“Emerging trade opportunities, coupled with signed trade agreements and active government support, will help sustain export growth in the remaining months of the year,” explained CLE President Sanjay Leekha. As reported by the Indian edition of Fashion Network, Leekha added that “considering these factors, the industry is confident of exceeding the export value of USD 6 billion”. Supporting the growth will be the large demand that comes mainly from Europe, which remains the largest market, and then from the United States (+78.5% of items purchased between 2021 and 2022).

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