NO.1
The leather industry here is in a difficult situation
According to Reuters, as the number of orders in the fashion industry has decreased, the situation of leather companies in Tuscany, Italy, has become more difficult.
Previously, in order to seize the post-pandemic consumer business opportunities, many fashion groups increased orders for leather goods. However, with the international market downturn and declining consumer demand, fashion groups are reducing or canceling orders for leather goods, and the profits of Tuscany's tanneries that have long relied on orders from the fashion industry have shrunk significantly, and even a number of small tanneries with weak resilience have closed down.
Marco Carraresi, head of the Yobel leather goods company in Florence, told reporters: "Our company is in a difficult situation. Previously, 50% of our production capacity was for a big Italian brand, but the brand cancelled our order in September last year. Since the beginning of February this year, we have had to lay off half of our workers in order for the company to operate normally. We tried everything we could to solve this dilemma, but there was nothing we could do. ”
In 2023, 4,531 workers were laid off in 428 small Tuscan leather goods businesses, while another 112 laid off 1,373 workers in January alone.
Paolo Brogi, president of the Tuscany Regional Leather Products Trade Association (CAN), said: "If these leather companies do not have better measures to face the current situation, the best case scenario is to survive the crisis through layoffs, and the worst case scenario is to face closure. ”
NO.2
Ethiopian leather exports are below target
According to the Ethiopian Leather and Leather Products Industry Research and Development Center, the Ethiopian leather and leather products industry did not meet its export target in the last nine months of fiscal year 2023.
The industry exported $23.4 million in leather and leather goods during the period, well below the earlier target of $41.7 million, the data showed.
Among them, the export value of finished leather is the highest, reaching 15 million US dollars. This was followed by leather gloves with an export value of $3.2 million, luggage exports of $2 million, and footwear products with an export value of $1 million.
Mohammad Hussain, Acting Director of the Leather and Leather Products Industry Research and Development Centre, said: "While our export momentum to places such as China, Indonesia, India and Vietnam remains strong, the downturn in Western export markets, including Europe, has led to this poor result. ”
At the same time, he cited the limited production capacity of the leather industry, the shortage of foreign exchange, the market downturn, the termination of the preferential policies of the African Growth and Opportunity Act and the lack of attention to footwear products in the domestic market as key factors in the failure to meet export targets.
NO.3
India is likely to sign a trade deal with Oman
According to the Financial Associated Press, an Indian official said that India will sign a trade deal with Oman after the general election in June. Oman will eliminate tariffs on agricultural products, leather, textiles, gems and jewellery from India under the agreement. India, for its part, will reduce import duties on some petrochemicals, aluminium and copper from Oman.