HOW TO BECOME THE DWAYNE JOHNSON OF THE FOOTWEAR MARKET OF THE UNITED STATES?



Yes! You read it right. Today we are going to share some of the very insightful details and updates about the footwear industry of the United States that would surely help you to become the Dwayne Johnson of the footwear industry of the United States. Starting from the market share and previous trends to the latest updates, we have got it all covered under this blog.

HOW BIG IS THE GLOBAL FOOTWEAR INDUSTRY?

In the year 2021, the global footwear market of the world amounted to roughly USD 373.2 billion. The market is forecasted to grow annually by 4.3% from 2022-2030 and in 2022, the footwear market already became worth USD 387.74 billion. Due to the dominance of e-commerce, marketing tactics of different footwear brands, and increasing awareness about healthy routines the demand for footwear is rising all across the world every year. It has been observed that after Covid-19 people are becoming more health conscious and moving towards a healthy lifestyle due to which they are getting into cardiovascular activities, sports, and other healthy activities. This is also a factor that has given a boost to the footwear industry.

Based on the report shared by the World Footwear yearbook in 2021, the only year which is considered tough for the footwear market was 2020. The world’s production and exports fell drastically by 16% and 19% respectively in the year 2020.  The statement got weakened when the reports from Asia and other less developed nations came which stated that all these nations were in good condition and no setback has been faced by them.

In the year 2020, the highest consumers of footwear were from the Asia Pacific region with almost 39% contribution to total footwear consumption. The major companies in this market are Nike Inc., Adidas originals, Puma, Skechers, and crocs.

ITS TIME TO DIVE INTO THE FOOTWEAR INDUSTRY OF THE UNITED STATES

TIME PERIOD: (2019-2020)

According to the US Export Data for the year 2020, the United States was the 16th biggest exporter of footwear in the world with total exports accounting for USD 1.03 billion. Footwear became the 71st most exported commodity from the US.

If we talk about the major nations that imported footwear from the US as mentioned in the US Export Data of 2020, then they were as follows:

·        Vietnam (USD 208 million)

·        China (USD 175 million)

·        Canada (USD 166 million)

·        Mexico (USD 62.5 million)

·        Hong Kong (50 million)

Countries like Switzerland, El Salvador, and Guinea also started importing footwear from the US in this period.

On the other hand, if we study the US Import Data for the same year, then we got to know that the nation imported footwear worth USD 20 billion which made the US the top country to import at such a huge cost. Footwear became the 21st biggest import commodity for the United States.

The countries from whom the US imported footwear the most as per the US Import Data in 2020 were:

·        China (USD 8 billion)

·        Vietnam (USD 6.42 billion)

·        Indonesia (USD 1.2 billion)

·        Italy (USD 900 million)

·        Cambodia (USD 556 million)

The United States started getting associated with other countries too for footwear imports like Burma, Cambodia, and Germany.


TIME PERIOD: NOVEMBER 2022

Now, if we focus on the latest insights into the footwear market of the US, then as per the US Export Data for November 2022, the nation exported footwear worth USD 112 million in just a span of 1 month. Whereas the US Import Data tells that a total of USD 2.27 billion worth of footwear is imported into the US. This clearly means that the nation is in a trade deficit or has a negative trade balance of USD 2.16 billion with regard to footwear. In comparison with the values of November 2021, exports have grown by USD 10.9 million (USD 101M to USD 112M), and imports are grown by USD 43.7 million (USD 2.22B to USD 2.27B).

Major export accomplices of the US were Canada, Vietnam, Mexico, China, and Hong Kong whereas the largest import accomplices were Vietnam, China, Indonesia, Italy, and Mexico.

The main reason behind the growth of exports in the US was the rising exports to Vietnam (+16.6%), Indonesia (+49.8%), and Chile (+219%). On the other hand, the imports went up due to over-importing from Germany (+65.3%), Italy (+5.03%), and Burma (+47.8%).

LAST VERDICT

We hope that till now you would have got a clear picture of the footwear market in the United States. We shared with you the footwear market from a global perspective, then skewed it down to the US footwear industry covering some past and current trends. In the end, we would like to state that footwear is something that is in trend nowadays due to increased awareness about health, growth in sports activities, etc. We suggest our fellow marketers and traders start focusing on this part and give thought to doing footwear foreign trading for more profits. To help you in this regard, we suggest you get in touch with us at https://www.usimportdata.com and purchase the best US Trade Data as a whole or customize it as per your needs. Hurry and avail free trials and demos from our end today.

 




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