As Exports To US Triple In A Year, India In Race To Be Next China
NDTV
Exporters in Indian economy have been witnessing a significant increase in orders from both the US and Europe, with the shift mostly seen in low-cost, labor-intensive sectors.
India, believed by many to have the potential to become the next China, is finally making headway in the exports market as it broke into the top five suppliers of Christmas decorative items and t-shirts to the US.
Sea-borne shipments of festival goods and accessories to America touched $20 million last month, almost triple the value from the year-ago period, according to US customs data. In the process, India gained a clear lead over the Philippines as buyers diversify supply sources in the face of rising labor costs and disruptions from China's strict Covid-zero policy.
One such beneficiary of the early Christmas present is Amit Malhotra, whose Asian Handicrafts Pvt. supplies decoration items to global brands such as Walt Disney Co., London's Harrods, Target Corp. and Dillard's Inc. He confirmed a 20% jump in orders compared to a year ago, and that he has bumped up production capacity.
"This year we have shipped over 3.2 million units of Christmas decoration, up from 2.5 million last year," said Mr Malhotra, director at Asian Handicrafts. "Though China exports a significant share of Christmas decoration items, many first-time buyers have been approaching us now," he said.
