In 2021, Vietnam's footwear exports are estimated at 17.61 billion USD, up 4.9% compared to 2020. The US is Vietnam's largest footwear export market. It is also the export market with the most rapid growth rate. With positive signals about the recovery of the US economy after the pandemic, it is estimated that Americans will increase consumption in the coming time, including footwear.
According to preliminary statistics, Vietnam's footwear export in December 2021 is estimated at 1.8 billion USD, up 14.2% compared to November 2021 and up 3.5% compared to December 2020. For the whole year of 2021, Vietnam's footwear exports are estimated at 17.61 billion USD, up 4.9% compared to 2020.
According to statistics from the General Department of Customs, Vietnam's footwear exports reached 1.55 billion USD in November 2021, up 3.6% compared to last year. In the first 11 months of 2021, Vietnam's footwear exports reached 15.6 billion USD, up 4.7% over the same period in 2020.
Footwear exports to the US market achieved the highest turnover, reaching 6.62 billion USD in the first 11 months of 2021, accounting for 42.5% of the country's total export turnover of this product group, up 17.5% compared to the same period last year. In November 2021 alone, the export turnover to this market reached 641.9 million USD, an increase of 40.4% compared to October 2021 and 11.5% compared to November 2020.
Export to the EU market ranked second in terms of turnover, reaching 3.5 billion USD, accounting for 22.5%, up 4.2%. Ranked third is the Chinese market accounted for 9.1% of the total turnover, reaching 1.41 billion USD, down 24.7% over the same period in 2020.
Footwear exports in November 2021 to all major markets increased in turnover compared to October 2021 and November 2020. In the first 11 months of 2021, exports to most markets increased in turnover compared to the same period in 2020.
In the first 11 months of 2021, Vietnam exports footwear of all kinds to the US market, accounting for 42.5% of total export turnover, followed by the EU accounting for 22.5%; Export to markets participating in CPTPP accounts for 12.5%, etc.
In general, footwear exports to key markets all grew in the first 11 months of 2021 compared to the same period in 2020, of which exports to the US market increased by 17.5%, the EU increased by 4.2%, CPTPP countries increased by 5.9%.
According to the assessment, although the pandemic is still complicated globally, in key export markets such as the US and EU, the purchasing power of goods has recovered strongly, thereby increasing orders to Vietnam.
(Eleven months of 2021)
Footwear is one of Vietnam’s main export industries, accounting for 7% of the country’s total export turnover. Due to the impact of COVID-19, the footwear export of Vietnam in 2020 reduced by 8.3% compared to 2019, equivalent to 16.79 billion USD.
After a short period of recovery in the first quarter of 2021, the fourth pandemic outbreak in April again hindered the growth of Vietnam’s footwear industry. The industry showed signs of recovery again from September. However, it will take several months for the footwear industry to return to its level pre-pandemic.
The US is Vietnam’s largest footwear export market. In 2020, the impact of the COVID-19 resulted in declined exports to this market, but it increased sharply in the first months of 2021.
According to analysts, the US is focusing on protecting domestic high-tech products more than on footwear and textile products, which are not the strengths of US domestic manufacturers. At the same time, with the US lifting preferential policies for footwear exported from China, India is creating more favorable competitive opportunities for Vietnamese footwear exports.
Meanwhile, China continues to reduce investment incentives in the leather and footwear sector to focus on high-tech industries, so footwear processing orders will continue the trend of shifting from China to Vietnam.
The world economy is forecasted to continue to prosper again thanks to the COVID-19 vaccination strategy being implemented simultaneously around the world, and global trade will recover quickly. The major economies of the US and EU reopened, the consumer market is recovering. Therefore, it is forecasted that consumer demand for Vietnam's key export products, including leather and footwear, will increase again.
Source: The Ministry of Industry and Trade, thesaigontimes
Compiled by VietnamCredit
