Textile News, Apparel News, RMG News, Fashion Trends
Trade & Business

Footwear dropped out from Vietnam’s top ten export items

Vietnam’s leather and footwear exports reached only $9.53 billion in the first seven months of the year, which exceeded $10 billion in the same period last year. Therefore it dropped out from the list of top ten export items.

Vietnam-Footwear-export-decline
Figure: The impact of the novel COVID-19 epidemic has caused the decline of footwear export turnover during the reviewed period. Courtesy: vnmanpower.com

According to the country’s Ministry of Industry and Trade on Thursday, Vietnam’s footwear exports fell 7.9 percent year-on-year between January and July. This is equivalent to $770 million compared to the same period last year, when footwear exports enjoyed 13.5 percent growth, reaching an export turnover of US$10.3 billion in the process.

The impact of the novel coronavirus (COVID-19) epidemic has caused the decline of footwear export turnover during the reviewed period, similar to the textile and apparel industry.

Vietnam-footwear-export-highlight

The country has reduced this year’s leather and footwear export target by over 10% due to the negative impact of the COVID-19 epidemic, which was set $24 billion after meeting the $22 billion export target last year.

The EU-Vietnam Free Trade Agreement (EVFTA), which came into force on 1 August, has given leather and footwear exporters hope to boost exports again in the third and fourth quarters of the year.

The EU currently represents a thriving market for the Vietnamese leather and footwear industry, accounting for about 30% of its annual export turnover, equivalent to about $6 billion.

 

 

Related posts

Footwear & Leather show to begin on 20 November in Australia

Textile Today

Leading footwear brands making significant investments in developing effective digital footwear

Textile Today

China’s footwear market share in the US revived a little in July

Textile Today

Latest Publications

View All