MANILA - India has overtaken the Philippines as the second biggest exporter of Christmas decor to the United States, Bloomberg reported on Monday.
India shipped $20 million worth of festival goods and accessories to the US in August, Bloomberg said citing US customs data. This was almost triple the value from a year ago.
“In the process, India gained a clear lead over the Philippines as buyers diversify supply sources in the face of rising labour costs and disruptions from China’s strict zero-Covid policy,” the report said.
China is the top exporter of Christmas decor to the US, but strict COVID lockdowns have affected the industry.
The South China Morning Post last month said the Chinese city that provides the bulk of the world's Christmas products went into a ten-day lockdown that choked economic activity.
India has benefitted from the lockdowns in China as well as moves by Western countries to diversify supply sources, according to the Bloomberg report.
The Department of Trade and Industry recently said that the Philippines is aiming to move into higher value exports.