India’s leather exports have witnessed a decline of 10% in the fiscal year 2023-24, reflecting challenges in both global demand and supply chain disruptions. The decrease in export performance comes despite the country’s strong foothold in the global leather market, which has been driven by its high-quality products and growing emphasis on sustainable manufacturing practices. Key export destinations, including Europe, North America, and Asia, have been affected by global economic slowdowns, shifting consumer preferences, and increased competition from other producing countries.
The downturn in exports has raised concerns within the industry, particularly for Indian manufacturers who rely heavily on overseas markets for leather goods, footwear, and accessories. Factors such as rising production costs, logistics challenges, and the fluctuating value of the rupee have contributed to the decline. However, the government is expected to continue supporting the leather sector with initiatives aimed at boosting exports, such as reducing export duties, increasing product diversification, and improving infrastructure.
Despite the setback in export figures, industry experts remain optimistic about India’s long-term growth prospects, particularly with the sustainability shift and increasing demand for eco-friendly leather products. The leather and footwear sector is poised for recovery, especially with the government’s continued focus on policies that encourage investment, innovation, and market expansion. As India seeks to regain momentum in global leather exports, industry stakeholders are working to enhance the resilience of supply chains and product offerings to navigate the challenges ahead.
