Imports of footwear with a dark picture in the first semester

China was the only of the world’s top 10 footwear importers to increase imports this year (+2.3%). By contrast in other Asian countries the performance was on the opposite direction: Korea’s imports fell by 2.8% and Japan’s by 11.9%.

 

In Europe, the impact of the pandemic was stronger, with Germany cutting back imports by 11.8%, the Netherlands by 13.6%, and Italy, Belgium, the UK and France by 20% or more. The USA, the largest import market in the world, had the worst performance among these countries, reducing footwear imports by 26.7%.

Imports fell 25% in Australia, 30% in Chile, and 31% in South Africa.

According to the World Trade Organization, trade began to show signs of rebound from COVID-19, with good performances registered in June and July, but recovery is still uncertain. World merchandise trade volume is forecast to fall 9.2% in 2020. Moreover, the most recent projections by the International Monetary Fund estimate a decrease in the world’s real GDP of 4.4% in 2020.

This reflects the impact of the COVID-19 pandemic across the world. Obviously, the impact goes beyond the international trade flows and will hit production and employment, and consumption. The World Footwear has published a recent forecast on the decline in footwear consumption expected for the overall 2020, which you can READ ALL ABOUT IT HERE.