By the end of November 2024, the export revenue of the entire leather and footwear industry of our country reached 24.6 billion USD, of which footwear reached 20.75 billion USD, up 12.9%, handbags reached 3.83 billion USD, up 12.1% over the same period.
By the end of November 2024, the export revenue of the entire leather and footwear industry of our country reached 24.6 billion USD, of which footwear reached 20.75 billion USD, up 12.9%, handbags reached 3.83 billion USD, up 12.1% over the same period.
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| In November 2024, the footwear industry brought in revenue of 24.6 billion USD, and is expected to reach 27 billion USD for the whole year. |
According to data from the Ministry of Industry and Trade and the General Statistics Office, the total export turnover of the footwear industry in November 2024 reached 2.54 billion USD, bringing the total export turnover in the first 11 months of 2024 to 24.6 billion USD, an increase of more than 10% over the same period last year. Currently, a number of large enterprises have signed contracts until mid-2025.
This result marks a strong recovery compared to last year's low performance, when it only reached 24 billion USD, down 14.2% (equivalent to a decrease of 4 billion USD) compared to 2022.
The Vietnam Leather, Footwear and Handbag Association (Lefaso) said that the leather and footwear industry has taken advantage of the free trade agreements (FTAs) that Vietnam has signed to boost exports.
Markets with FTAs such as China, EU, Japan, Korea and ASEAN all had good growth in the past 11 months.
Some major markets such as the US and EU all saw growth rates of over 10%. Notably, this year China continues to be ranked among the industry’s billion-dollar export markets, just behind the US and EU, accounting for 9%.
According to Lefaso, in 2024, the leather and footwear industry will expand its exports to a number of markets in South America and the Middle East. In particular, sports shoes, Vietnam's strong product, will dominate. This product can also help the industry's exports grow rapidly and strongly to the Middle East in the short term, along with the promotion of the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE, as well as the Vietnam-Israel FTA (VIFTA).
If the export level is maintained as in November, the entire leather and footwear industry will reach the finish line with sales of about 27 billion USD, an increase of 3 billion USD compared to 2023.
However, this year's good export growth is still compared to the low base of 2023. Remember, in the peak year of 2022, the footwear industry brought in revenue of 28 billion USD and was the year with the highest export results in the industry's export history.
Despite the advantage of being the world's third largest country (after China and India) in production and second largest in footwear export, the biggest challenge for the footwear industry at the moment is to meet the new standards set by many major footwear importing countries, which are sustainability in production, requirements for social responsibility...
Typically, the EU market, from March 2024, this market has begun to introduce new requirements such as ecological design with sustainable designs. Or the issue of traceability and transparency of the supply chain. If we import raw materials from abroad, we will have to be transparent about the entire production process in the production area.
Changing import market policies will have a strong impact on businesses in the industry.
Footwear and handbags are Vietnam’s main export products. With 17 free trade agreements (FTAs) signed and implemented, Vietnam has access to and established trade relations with nearly 230 markets. Therefore, changes in import market policies will have a strong impact on businesses in the industry.
Source: https://baodautu.vn/xuat-khau-da-giay-tui-xach-gan-toi-dich-27-ty-usd-d232413.html
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