International footwear trade slows worldwide
17.01.2024 1356

International footwear trade slows worldwide

Sluggish demand in two major footwear consuming regions, the United States and Europe, has led to a global slowdown in international trade through 2023, according to a World Footwear Report study cited by

Asia, the leader in the ranking of footwear exporters (the region accounts for about 83,9% in 2022), showed a decrease in export volumes in the first eleven months of 2023. Starting with China, which exports more than 70% of its products and whose footwear exports rose to a new record high of $58 billion in 2022, saw footwear export sales decline by 2023% in volume and value by 3% from January to November 13. by 2022% compared to the same period in 10; the price of the pair also dropped significantly by XNUMX%.

Available data for Vietnam is also not encouraging: as Vietnam has become the second-largest footwear exporter over the past decade, footwear exports by value from Vietnam have fallen 17% year-on-year over the same period. Indonesia followed a similar trend. The value of footwear exports fell by 20% between January and September 2023 compared to the same period in 2022, which in contrast saw a significant increase in exports of about 25%, exceeding the $10 billion mark.

An important indicator is the Indian market, which ranks 6th in terms of export volume; in this country in 2022, the volume of exports in volume terms increased by 17%, and in value terms by 30%. At the same time, available data for the first ten months of 2023 show that during this period the country experienced a decrease in export sales in volume terms by 11% and in value terms by 17%, while the cost of the pair fell by 6% compared to the same period last year of the year.

In the Americas, Brazil, whose footwear production mainly supplies the domestic market, also saw significant growth in exports in 2022. However, this trend has stopped in 2023: from January to November, Brazilian shoe exports fell by 9% in volume terms and by 14% in value terms, with the cost of a pair falling by 6% compared to the same period the previous year.

From January to September 2023, footwear imports in the EU27 fell by 11% year-on-year, reflecting a decline in footwear consumption in the region. But perhaps the most important consumption data comes from the US, where one in five pairs of shoes sold internationally went in 2022 (US share of global shoe consumption is 20,5%). In the first eleven months of the year, U.S. footwear imports fell 30% in both volume and value compared to the same months the previous year.

Thus, in a year marked by high inflation and higher costs of living, there was a slowdown in international footwear trade.

Sluggish demand in two major footwear consuming regions, the US and Europe, has led to a global slowdown in international trade through 2023, says World Footwear Report,…

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