Volatility of British pound worries Indian leather exporters
12/10/2016
The value of the pound has been volatile since the UK voted to leave the European Union (EU). Last week, it dropped 6% in just a few minutes before recovering. UK Prime Minister Theresa May has announced that the formal process of exit from the EU will start by the end of March 2017.
The drop in value of the pound has also impacted the euro, meaning another of India’s key export markets for leather, the EU, has been affected as customers are unwilling to pay higher prices.
Mr Ahmed said the UK accounts for 14% of India’s leather exports, while 65% of the country’s leather goes to the EU.
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