Vietnam is the second largest footwear exporter, with its export volume comprising nearly 10 per cent of the world’s market share.
The United States spent more than $7.1 billion (the highest) importing shoes from Vietnam, followed by China ($1.8 billion) and Belgium (more than $1.2 billion).
Footwear exports to the United States and the European Union (EU) in the January-November period last year dropped by 27.9 per cent and 19.2 per cent to $6.5 billion and $4.45 billion respectively.
Such exports to China and the Association of Southeast Asian nations (ASEAN) increased by 11.1 per cent and 26.9 per cent to $1.71 billion and $497 million respectively.
Major importers of Vietnamese footwear have tightened their belt due to rising inflation since the fourth quarter of 2022.
With demand in export markets slowing down, inventories of retailers and brands remain high, putting Vietnam’s leather and footwear industry in a difficult situation, a Vietnamese media outlet reported.
ALCHEMPro News Desk (DS)
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