Vietnam's Footwear Export Market in the First 10 Months of 2024

Vietnam's Footwear Export Market in the First 10 Months of 2024

The United States is currently Vietnam's largest footwear export market and has the highest growth rate.

According to United States International Trade Commission statistics, footwear imports (HS Code 64) into the U.S. in the first nine months of 2024 reached USD 21.3 billion, an increase of 2.8% compared to the same period in 2023.

China and Vietnam are the two main footwear suppliers to the U.S., accounting for 69.7% of the total import value. Footwear imports from China and Vietnam to the U.S. in the first nine months of 2024 increased by 0.6% and 13.9%, respectively, compared to the same period in 2023.

Notably, while China's footwear imports into the U.S. saw a slight decline, Vietnam's market share in the U.S. increased slightly. This indicates that Vietnamese footwear is strengthening its position in the U.S. market.

Vietnam's Footwear Export Markets

Vietnam has "Wide-Open Opportunities" for Footwear Exports to the Chilean Market

As members of two free trade agreements, Vietnam and Chile enjoy numerous opportunities to increase the trade turnover of goods, including footwear.

According to data from the General Department of Customs, in the first 10 months of 2024, Vietnam exported over USD 119 million worth of footwear to the Chilean market.

Although Chile is not among the top five largest export markets for Vietnamese footwear under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), its position as the 6th largest market highlights its potential for Vietnam's leather and footwear industry.

Under the CPTPP, Chile committed to a maximum tariff elimination schedule of four years for footwear products (B4 category). However, beyond the CPTPP, Vietnam also signed the Vietnam-Chile Free Trade Agreement (VCFTA), which took effect in 2014. As a result, tariffs on footwear exports from Vietnam to Chile were eliminated entirely in the fifth year of the VCFTA's implementation (in 2019).

The United States as Vietnam's Largest Footwear Export Market

The United States is currently Vietnam's largest footwear export market and also the key export market with the strongest growth rate.

Consumer confidence in the U.S., surveyed by the Conference Board, increased to 111.7 points in November 2024, up from 109.6 points in October 2024. This rise in consumer confidence indicates that Americans may spend more in the coming months.

According to statistics from the United States International Trade Commission, footwear imports (HS Code 64) into the U.S. in the first nine months of 2024 reached USD 21.3 billion, an increase of 2.8% compared to the same period in 2023.

China and Vietnam are the two main footwear suppliers to the U.S., accounting for 69.7% of the total import value. Footwear imports from China and Vietnam to the U.S. in the first nine months of 2024 increased by 0.6% and 13.9%, respectively, compared to the same period in 2023.

Some Sources of Footwear to the U.S. in the First 9 Months of 2024

This table presents key data on footwear imports (HS 64) to the U.S. from various countries during the first nine months of 2024, along with their corresponding figures for 2023, comparison percentages, and market shares. (Source: United State International Trade Commission – USITC)

Top 20 Footwear Export Enterprises in the First 10 Months of 2024

Source: Vietnam Customs: noted: preliminary statistics, for reference onl