The global handicrafts industry provides employment

by:Real Fine     2020-07-03
Read on to know more about the sheer size of the global and Indian handicrafts industries. Indian handcrafts occupy a special place in the International markets and are sought after by people all over the world. The Indian artisan's quality skills are lauded by many developed nations and handicrafts till date remains one of the most important exports from our country. Even in present time, despite the global economic slowdown, Indian handicrafts' exports continue to remain strong and grow with every passing year. The handworks industry in India offers direct and indirect employment opportunities to over 1 million people and is a significant contributor the country's GDP. The first three quarters of the fiscal year 2012-13 saw India exporting handcrafts worth $2.05 billion across the world - a 20 percent jump in comparison with the same period of the previous fiscal. Indian handiworks exports have set a $3.3 billion as the target for 2012-13, and are all set to meet this target. While U.S. and Europe constitute the lion's share of international consumers, accounting for 60 percent of the demand, in recent times, the handicrafts are seeing a lot of demand coming from emerging markets like China, Latin America, Africa and the Middle East as well. Demand for Indian handicrafts from Europe is yet to recover on account of the slowdown, but the demand from U.S. continues to grow at a steady pace. According to data from the Export Promotion Council for Handicrafts (EPCH), revenue from handworks' exports grew from $338 million during December 2011 to $454 million during December 2012 - a 34.4 percent increase. The U.S. has a significant handicrafts industry, employing over 127,000 people and accounting for over 13 percent of the $100 billion handicrafts' industry. Canada too generates over $100 million through handcrafts and provides employment to over 22,000 people in this sector. In addition, countries like Australia and New Zealand also have a sizeable handicrafts industry, predominantly making arts and crafts using ceramic, paper and glass, and jewellery from pearls and semi-precious stones.
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