Hungary: Leather Footwear Market 2024

Leather Footwear Market Size in Hungary

The Hungarian leather footwear market skyrocketed to $X in 2021, picking up by 36% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Leather Footwear Production in Hungary

In value terms, leather footwear production reduced notably to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2013 when the production volume increased by 7.2%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Leather Footwear Exports

Exports from Hungary

For the fourth year in a row, Hungary recorded decline in shipments abroad of leather footwear, which decreased by -8.9% to X tons in 2021. Overall, exports recorded a perceptible reduction. The pace of growth appeared the most rapid in 2017 when exports increased by 13%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, leather footwear exports amounted to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 39% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Germany (X tons) was the main destination for leather footwear exports from Hungary, accounting for a 56% share of total exports. Moreover, leather footwear exports to Germany exceeded the volume sent to the second major destination, Austria (X tons), threefold. The third position in this ranking was held by Poland (X tons), with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume to Germany amounted to -4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (-4.7% per year) and Poland (+35.1% per year).

In value terms, Germany ($X) remains the key foreign market for leather footwear exports from Hungary, comprising 51% of total exports. The second position in the ranking was taken by Austria ($X), with a 23% share of total exports. It was followed by Poland, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany stood at -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (-1.3% per year) and Poland (+38.0% per year).

Export Prices by Country

The average leather footwear export price stood at $X per kg in 2021, rising by 11% against the previous year. In general, export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, leather footwear export price increased by +66.1% against 2015 indices. The growth pace was the most rapid in 2017 when the average export price increased by 22%. The export price peaked in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Poland ($X per kg), while the average price for exports to Slovakia ($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 Austria (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Leather Footwear Imports

Imports into Hungary

In 2021, purchases abroad of leather footwear increased by 0.8% to X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 19% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, leather footwear imports rose rapidly to $X in 2021. The total import value increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 18%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Poland (X tons), Austria (X tons) and Romania (X tons) were the main suppliers of leather footwear imports to Hungary, together comprising 50% of total imports. These countries were followed by Germany, Albania, Slovakia, China, the Czech Republic, Bosnia and Herzegovina, Belgium, Serbia, Slovenia and France, which together accounted for a further 43%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Albania (with a CAGR of +100.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest leather footwear suppliers to Hungary were Poland ($X), Germany ($X) and Austria ($X), with a combined 51% share of total imports. Romania, Bosnia and Herzegovina, Albania, the Czech Republic, Belgium, Slovakia, France, China, Slovenia and Serbia lagged somewhat behind, together accounting for a further 41%.

Albania, with a CAGR of +97.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average leather footwear import price stood at $X per kg in 2021, surging by 8.8% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2018 an increase of 15%. The import price peaked in 2021 and is expected to retain growth in the near future.

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 Bosnia and Herzegovina ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform