2024 leather & footwear export expected to hit $27bln

Export turnover of leather and footwear products is expected to reach $26-27 billion in 2024 on the basis of the positive results recorded so far.

The sector gained export revenue of over $10.14 billion in the first seven months of the year, up 10.4% compared to the same period of 2023, figures from the General Department of Vietnam Customs show.

Exports of handbag products earned more than $1.62 billion in the period, surging 7.4% year-on-year.

FDI enterprises accounted for 77.9% of the sector’s total export value in the period.

The sector’s exports started to recover from the end of 2023 with many businesses gaining export contracts for the whole 2024.

Key export markets of the sector include the North America, EU and Asia.

Exports to 16 biggest partners, including the US, China, Japan, Belgium, the Netherlands, the UK, South Korea, Canada, France, Spain, Italy, Australia, Mexico, UAE and Taiwan (China) accounted for over 88.4% of the sector’s total export value.

Vietnam is currently the third largest footwear producers in the world, after China and India, and the second largest footwear exporter.