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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.

 

 

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