Covid-19 did not spare Vietnam. In fact, in the first six months of 2020 Vietnam’s exports of shoes dropped by 6.7%, while leather goods sales decreased by 15.1% compared to the same period of 2019.
Vietnam is the third footwear manufacturer in the world (their production share accounts for 5.4% of the total amount worldwide) and the second exporting country in the world, just behind China.
Covid-19 did not spare Vietnam
Vietnam could take advantage of reshoring, away from China, gradually carried out by western major customers (Americans, most of all). Nonetheless, they could not hold out against the pandemic and global trade lockdown triggered by the epidemic outbreak.
As reported by xinhuanet.com (quoting the Ministry of Vietnam’s Industry and Trade), from January to June 2020 the Asian country made over 8.1 billion US dollars thanks to footwear export. In other words, revenues have dropped by 6.7%. In the same half-year period, overseas sales of leather goods accessories reached, in terms of value, more than 1.5 billion US dollars, therefore going down by 15.1%.
Two appalling months (May and June)
As regards shoes, in the first six months of the year exports achieved such a negative performance mostly because of May and June (appalling) sales trend. In fact, as reported by xinhuanet.com, from January to April, Vietnam’s footwear exports had been increasing by 1.3%.
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