For Quick Alerts
For Daily Alerts

Devaluation Of Yuan To Impact Handicraft Export: EPCH

By Super

New Delhi, Aug 17 (PTI) India's handicraft export, impacted by global slowdown, is expected to take a hit in the current fiscal due to the devaluation of the Chinese currency, EPCH today said.

Export Promotion Council for Handicrafts (EPCH) said that Indian products would loose their competitiveness in the global market due to the devaluation of yuan.

Devaluation Of Yuan To Impact Handicraft Export: EPCH

"Indian products will now face problem in global markets. Chinese handicraft exporters would now get edge over our Indian products. Out competitiveness will be impacted.

It may hurt our exports," EPCH Vice-Chairman Rajesh Kumar Jain told PTI. In 2014-15, the country's handicraft exports declined 7.66 per cent to USD 1.38 billion over the same period previous year.

"The sector employs about 70 lakh people directly and indirectly. So it is a labour intensive sector. Government has to give support to the sector to boost exports," Jain said.

China has devalued the yuan to combat the deepest economic slowdown since 1990 amid falling exports.

The move has made Indian exports to China more uncompetitive and is likely to further widen the bilateral trade gap.

The US and Europe are the major export destinations and together they account for about 60 per cent of the country's total handicraft exports.

India exports several handicraft products including house-ware, home textiles, furniture, glassware, bamboo goods, fashion jewellery and lamp & lighting.


Read more about: yuan dollar currency
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more