Hong Kong SAR, China: Leather Footwear Market 2024

Leather Footwear Market Size in Hong Kong SAR, China

The Hong Kong leather footwear market reached $X in 2021, remaining relatively unchanged against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a deep contraction. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Leather Footwear Exports

Exports from Hong Kong SAR, China

For the ninth consecutive year, Hong Kong SAR recorded decline in shipments abroad of leather footwear, which decreased by -16.3% to X tons in 2021. In general, exports continue to indicate a deep slump. The smallest decline of -6.5% was in 2019. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, leather footwear exports dropped to $X in 2021. Over the period under review, exports saw a abrupt decline. The growth pace was the most rapid in 2019 with an increase of 0.4% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), China (X tons) and the Netherlands (X tons) were the main destinations of leather footwear exports from Hong Kong SAR, with a combined 57% share of total exports. Australia, the UK, Spain, Macao SAR, Italy, South Korea, Japan, Canada, Saudi Arabia and Mexico lagged somewhat behind, together comprising a further 30%.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +11.5%), while shipments for the other leaders experienced a decline.

In value terms, China ($X), the United States ($X) and Macao SAR ($X) constituted the largest markets for leather footwear exported from Hong Kong SAR worldwide, together comprising 66% of total exports. South Korea, the Netherlands, Italy, Australia, Japan, the UK, Spain, Canada, Saudi Arabia and Mexico lagged somewhat behind, together comprising a further 22%.

Saudi Arabia, with a CAGR of +6.8%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average leather footwear export price amounted to $X per kg, rising by 4.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.7%. The most prominent rate of growth was recorded in 2018 an increase of 12%. The export price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Macao SAR ($X per kg), while the average price for exports to Spain ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Macao SAR (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Leather Footwear Imports

Imports into Hong Kong SAR, China

For the ninth year in a row, Hong Kong SAR recorded decline in purchases abroad of leather footwear, which decreased by -12.2% to X tons in 2021. Over the period under review, imports saw a deep reduction. The smallest decline of -1.2% was in 2019. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, leather footwear imports dropped to $X in 2021. Overall, imports recorded a abrupt slump. The smallest decline of -0.7% was in 2014. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of leather footwear to Hong Kong SAR, accounting for a 70% share of total imports. Moreover, leather footwear imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), sevenfold. The third position in this ranking was held by Italy (X tons), with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -18.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+1.2% per year) and Italy (-4.0% per year).

In value terms, China ($X), Italy ($X) and Vietnam ($X) appeared to be the largest leather footwear suppliers to Hong Kong SAR, with a combined 67% share of total imports. Indonesia lagged somewhat behind, accounting for a further 1.9%.

Among the main suppliers, Indonesia, with a CAGR of -0.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average leather footwear import price amounted to $X per kg, picking up by 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.7%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 14%. The import price peaked in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform