Trade

2023: a slow year for Italian footwear exports

May 22, 2024 Italy

Footwear exports in 2023 faced a gradual decline, resulting in a year-end figure that was 0.6% lower in value as compared to the previous year. Negative import figures also suggest a lack of momentum in the market

According to the data compiled by the Confindustria Moda Study Center for the Italian Footwear Association Assocalzaturifici, the year 2023 witnessed a gradual slowdown in the international trade of footwear.

After a strong start with a 14.7% increase in the first quarter, exports faced a gradual decline, culminating in an 8.7% drop in the final quarter, as compared to the previous year. This resulted in a year-end total of 12.8 billion euros, representing a modest 0.6% year-on-year decrease.

This performance was attributed to the ongoing crisis, exacerbated in the second half of the year by the impact of inflation, which caused prices to rise. The decline of 1.4% in imports also points to a lack of momentum in the Italian footwear market (laconceria.it).

“The year that closed was a mixed one. Brilliant performances in the first quarter with double-digit growth for export and revenue, and then a progressive slowdown. 2024 is showing concerning signs, and we expect an additional stop, at least during the first half of the year”, said the president of Assocalzaturifici, Giovanna Ceolini, as quoted by La Conceria, when the estimates for 2023 were published about two months ago.

Italian Footwear Industry

Italy is one of the top players in the footwear business. The World Footwear 2023 Yearbook (more information available HERE) shows that in 2022, the country experienced a 14% increase in turnover, returning to pre-pandemic levels. Despite this growth, companies’ margins have been impacted by rising raw materials and energy costs. Italy’s footwear imports exceed its exports. However, the high export prices led to a substantial trade surplus.

Image Credits: takeoffltd.com

Italy Exports Footwear Imports International Trade