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Export Books Start to Show Signs of Revival

May 16, 2024

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Demand for leather goods, footwear, apparel up 10-20% since Dec; FY25 exports seen up at $500 bn. Improved demand in the European Union, West Asia and the US has boosted export order books by at least 10% from six months ago, signalling a possible recovery from last year. Overall, the order position has improved 15-20% for leather footwear, especially from the US and partially from Europe.

The demand for non- leather footwear is also coming up. India’s total goods exports in FY24 fell 3.1% to $437 billion from $451 billion in the previous fiscal. Apparel ex- porters cited an increase of over 10% in orders starting February, mostly from the UK, the US and the EU. India’s free trade pacts with Australia and Mauritius have also had a positive impact. India exported apparel worth $14.5 billion in FY24.

Buyers have a better liquidity position for the upcoming sales season compared to last year and they are using that to fill their shelves. Many exporters have managed to pass on higher freight charges due to the Red Sea crisis to their clients. A 10% improvement in engineering goods exports like scaffolding, engineering goods and textiles is seen.

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