Footwear exports likely to bounce back at year’s end

Footwear exports were estimated to hit 9.53 billion USD in the first seven months of 2020, a year-on-year decline of 7.9 percent, according to the Ministry of Industry and Trade.

 

The sector is among the hardest hit by the COVID-19 pandemic, along with garment-textile and manufacturing.

 

Europe is the leading export market of Vietnam’s leather and footwear, yielding nearly 6 billion USD annually and holding a lion’s share of nearly 30 percent.

 

As the EU-Vietnam Free Trade Agreement (EVFTA) took effect on August 1, footwear exports are expected to re-bounce in the remaining quarters, offsetting losses in the beginning of the year.

 

Source: Vietnam News Agency

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