Currency variations hit leather exports

Bangladesh
Published:  16 April, 2015

Leather exports faced a setback in the current financial year after the fall of some leading currencies, including the Euro, against the US Dollar. The country's leather sector entered into the billion-dollar exporting club in the last financial year when shipment of leather, footwear and other leather products reached US $1.12 billion, of which $505 million was earned from leather and $378 million from footwear, according to the Export Promotion Bureau (EPB).

Following a good performance of the leather sector, the government and industry businessmen set a target to earn $1.4 billion from the sector this fiscal year. However, shipments of leather declined by 1.14% in the first nine months of the current fiscal year (July 14 - March 15), the EPB data showed.

The leather footwear export saw a 20-25% growth, but leather and other leather products export witnessed a plunge during the same period. Leather exports fell by 20.3% as overall shipments were $304 million in the July 2014 - March 2015 period, versus $381 million in the corresponding period last year.

Export of leather products (excluding footwear) was $169.76 million, which was almost same as $170 million in the corresponding period of the last fiscal period. However, exports of leather footwear grew 23.4% by bringing in $354.22 million during the same period against $287 million during the last fiscal year.

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