India's leather exports slip 1.6% to $4.75 bn in FY26 as US tariffs, West Asia crisis bite
Dollar-denominated leather, footwear and goods exports fell to $4.75 bn in FY26, though rupee receipts rose 2.62% to ₹41,902 cr. Leather garments bucked the trend with 23% growth. US reciprocal tariffs eased from 50% to 10% ad valorem on Feb 24, 2026; EU and UK FTAs seen lifting FY27.
What happened
Indian Leather & Footwear Industry · India's leather, footwear and goods exports fell 1.6% in dollar terms to $4.75 billion in FY26, hit by US tariffs and West
Key facts
- $4.75 billion FY26 exports
- 1.6% dollar decline
- 2.62% rupee growth to ₹41,902 crore
- 23% leather garments growth
- 50% US reciprocal tariff replaced by 10% ad valorem from Feb 24, 2026
- Europe ~55% share
Why this matters
Tariff relief and impending EU/UK FTAs make this the window to scout bolt-on leather garment and footwear targets before FY27 multiples re-rate on export tailwinds.