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India gaining from rising Yuan
Posted On: 24-11-2008 08:20:09 AM

European shoe makers, who were sourcing from China, have now turned to India since Chinese products, which used to be cheaper by around 10 % compared to Indian products, are no cheaper due to a 40 % increase in labor costs since January 2008. Implementation of the European Union (EU) anti-dumping duty and Chinese currency Yuan appreciating against the US dollar are additional reasons for the diversion in business. According to statistics for the first seven months of the current year, European imports of footwear from China fell by 1.7 % compared to the same period last year, whereas from India, it rose by 3.5 %. Some of the major footwear brands India including Nike, Adidas and Puma, are expected to route a part of their production and purchase out from China to India.

 
 
 

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