Bangladesh’s Footwear Exporters Hope US to be Bigger Market Than EU

Bangladesh’s footwear exporters hope the United States would be a bigger market than the European Union (EU) in future due to export orders being diverted from China. They say that US buyers were going for country-of-origin diversification, and Bangladesh, India, Indonesia and Cambodia are benefitting from a rise in orders.

According to the Bangladesh Export Promotion Bureau (EPB), the country’s export earnings from footwear in 2022 increased by 25.63 per cent to $1.28 billion from $1.02 billion in 2021. Of that, $795.53 million came from shipping leather footwear.

Bangladesh’s footwear exports to the United States rose by 64.4 per cent to $451.40 million last year, compared to 2021’s figure of $274.58 million as US buyers relocated their sourcing from China and Vietnam. Its footwear exports to the EU last year stood at $540.33 million, according to the EPB.

Bangladesh’s leather footwear exports last year to the US market also grew by 63.25 per cent to $406.49 million from $249 million in 2021.

The total US imports of footwear from the world last year increased by 32.51 per cent to $33.43 billion compared with $25.23 billion in 2021, Bangladesh media outlets reported.

US footwear imports from China last year grew by 23 per cent to $12.15 billion from $9.88 billion in 2021. Footwear imports by the US from Vietnam in 2022 increased by 41.19 per cent to $10.48 billion from $7.42 billion in 2021.

India’s footwear exports to the US market grew by 64.19 per cent to $745.03 million last year. Footwear exports by Indonesia to the United States last year rose by 53.04 per cent to $3 billion from $1.96 billion in 2021.

US footwear imports from Cambodia last year grew by 47.68 per cent to $1 billion from $678.18 million in 2021, according to US data.