In this paper an analysis of recent trends for Indian leather in the international market has been carried out in terms of four distinct dimensions identified by the constant market share (CMS) analysis. In the post-reform period though the percentage share of leather in India’s total export is decreasing, both the unit value index and quantum index are growing rapidly. This indicated a progress in value chain which is endorsed by the consistently higher realization value of leather throughout this period compared to India’s real exchange rate. The analyses of commodity concentration and market stability indicated that the share of semi-finished and finished leather has gone down and concentrated around 20-25% and that of leather manufacture has gained in importance. The market is most stable for leather goods and components. Though at the aggregate level nature of dependency in the direction of leather export is more or less unchanged, some significant changes are noted in component-wise export destinations. The major OECD competitors of India in these markets are Australia, Canada and France. Major non-OECD competitors are Argentina, Brazil, Bangladesh and Vietnam followed by Indonesia and Pakistan. In the pre-reform period Rajaraman (1993) found a distinct difference in the nature of price competitiveness faced by India in the markets for Germany, UK and the USA on the one hand and France and Italy on the other. However, in our study period no such difference is noted. In general, India is more price- competitive in leather goods and the price effect is relatively blurred in case of footwear.