WHY THE FOOTWEAR INDUSTRY IS CRUCIAL IN MAINTAINING VIETNAM TRADE DATA

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 WHY THE FOOTWEAR INDUSTRY IS CRUCIAL IN MAINTAINING VIETNAM TRADE DATA

SHARE OF THE FOOTWEAR INDUSTRY IN VIETNAM

To start with some amazing insights and facts about the footwear industry that is growing day by day in Vietnam are about the two big giants and international competitors in the market of footwear that are Nike and Adidas. Surprisingly, these two brands have chosen Vietnam for the purpose of making it the main production base of their products. This has happened only because of the cheap and young labor that is available in Vietnam. If we talk specifically about Nike, then the brand has already set up more than 100 suppliers in Vietnam with 96 factories. All these happenings are responsible to give a strong boost to Vietnam Trade Data and hence growing the economy of the nation.

As per the Vietnam Trade Data for the year 2021, a slight decline in exports was observed in the nation due to the ongoing pandemic situation. Total exports worth USD 17.8 billion were recorded in the Vietnam Trade Data to almost 100 countries in the year 2021.

CONTRIBUTION OF THE FOOTWEAR INDUSTRY IN VIETNAM EXPORT DATA

As per the statistics of the year 2020, Vietnam recorded an export value close to USD 18.6B which bought the nation to 2nd rank as the biggest exporter of footwear products in the world. If we consider only Vietnam, then as per Vietnam Trade Data for the year 2020, footwear was the 3rd most traded item in the nation. The top export partners of Vietnam as listed in Vietnam Trade Data are:

·        United States (USD 6.45 billion)

·        China (USD 2.25 billion)

·        Germany (USD 1.02 billion)

·        Japan (USD 953 million)

·        South Korea (USD 730 million)

 

HOW MUCH HAS THE FOOTWEAR INDUSTRY CONTRIBUTED TO IMPORTS OF VIETNAM

If we believe the database and statistics shared by Vietnam Trade Data for the year 2020, then we conclude that the country imported footwear worth USD 2.02 Billion in the year 2020. Vietnam became the 15th biggest importer of footwear in the same year. Also, Vietnam import data displayed a report which clearly tells that amongst all, footwear was the 24th favorite product that Vietnam imported during the whole year.

The major import partners of Vietnam with regard to the footwear industry are:

·        China (USD 1.6 billion)

·        The United States (USD 208 million)

·        South Korea (USD 72.5 million)

·        Chinese Taipei (USD 25.3 million)

·        Singapore (USD 20.5 million)

Amongst all the major partners, China and Hong Kong were the fastest-growing markets with respect to the footwear trade.

FUTURE ASPECTS

If we refer to the latest reports about Vietnam Trade Data then we come across that Vietnam is enjoying a hefty amount of revenue from the footwear industry in the year 2022 which is close to USD 1.75 billion.

Vietnam has now got into agreements with various countries and signed various agreements to get into associations in the future. Amongst this, the real power of the Vietnamese footwear industry remains weak as most of the industry in Vietnam is taken by foreign companies and brands like Nike and Adidas.

As per some trusted sources, Vietnam’s footwear manufacturing and exports are estimated to grow and rise till 2031. Many big brands in the footwear industry are trying to target the Vietnam market for setting up their trade ventures and start manufacturing there. Hence, there is a very big possibility that Vietnam Export Data is going to rise which will assist Vietnam Trade Data to also increase.

 

PROFESSIONAL ADVICE

If you want further analysis and the best advice about the Vietnam Trade Data or Import Export Data or Global Trade Data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the best companies available online that provide 100% accurate and reliable trade data from more than 70 countries including the Vietnam Export Data and the Vietnam Import Data at affordable prices. TradeImeX also provides highly customized databases that are made and designed as per the customer’s requirements.

Contact now – info@tradeimex.in

Visit now – www.tradeimex.in

 

 

 

 

 

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