09 Feb Footwear Trade: FDRA’s 5 Fast Facts For 2015
2015 import numbers have just been released from the U.S. government. U.S. footwear imports finished 2015 in impressive form, rising to the highest December dollar and volume totals on record.
“Our analysis of 2015 footwear import data shows the Trans Pacific Partnership (TPP) has grown substantially in importance to the footwear industry,” said FDRA President Matt Priest. “Based on these numbers, TPP would save our industry half a billion dollars in duties the first year of implementation. The data also shows growth in both athletic as well as leather footwear from Vietnam. This confirms what we have been hearing from on the ground – that more and more companies from all product categories are starting to manufacturing there, meaning TPP would provide real relief to our industry’s $2.9 billion annual duty bill as well as lower the cost of footwear for millions of middle class American families.”
The footwear industry’s trade association, FDRA, analyzed the numbers and here are the 5 top-level takeaways:
- The U.S. footwear industry paid $2.9 billion in duties in 2015. That is a $200 million jump over 2014.
- The importance of the Trans Pacific Partnership (TPP) to the footwear industry and American footwear consumers grew substantially. FDRA calculates TPP would now save the footwear industry half a billion dollars in duties on year one of implementation.
- 2015 annual imports rose 5.8% in value terms and 5.7% in volume terms from 2014 to new records, the fastest paces in the last four and five years, respectively.
- Confirming our long-held view, Vietnam expanded its share of the U.S. import market the most, up 21.9% for the year to an unprecedented $4.3 billion in total value at border.
- China remains–by far–the largest supplier to U.S. consumers, but the country saw its annual share of the U.S. footwear import market slide again to just 65.6%, a fifteen-year low.
- Imports by product (on a dollar basis) in 2015:
- Athletic footwear imports went up 11.6% (record level)
- Children’s footwear imports went up 8.6% (record level)
- Bootwear imports up 2.1% (record level)