Exports of leather and footwear likely to reach US$21.5 billion this year

Trade News

Exports of leather and footwear likely to reach US$21.5 billion this year

Thursday, November 7,2019

AsemconnectVietnam - Production value within the leather and footwear sector is expected to enjoy an annual increase of over 10 per cent with the year’s total turnover likely to reach approximately US$21.5 billion, according to the Ministry of Industry and Trade.

During the first ten months of 2019, the output of leather shoes stood at an estimated 246.4 million pairs, representing a year-on-year increase of 8.6 per cent with export turnover reaching US$14.6 billion, a 11.2 per cent on-year rise.

Most notably, the signing of a number of free trade agreements (FTAs) such as the EU-Vietnam Free Trade Agreement, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has served to create greater opportunities for the nation’s leather and footwear industry. These FTAs have helped to make Vietnam a more attractive destination for investment, as well as boosting exports to the EU market and CPTPP signatories.

Following its implementation earlier this year, the CPTPP has helped the footwear industry to expand into new markets such as Mexico and Canada.

Leather and footwear exports have been experiencing steady growth, with many positive signs present for the remainder of 2019 and future years as the country maintains its competitive advantages in traditional markets.

Source: Vov.vn

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