Puerto Rico: Leather Footwear Market 2024

Leather Footwear Market Size in Puerto Rico

In 2021, the Puerto Rican leather footwear market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -26.4% against 2018 indices. Puerto Rico consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Leather Footwear Production in Puerto Rico

In value terms, leather footwear production soared to $X in 2021 estimated in export price. Overall, the total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -31.3% against 2018 indices. The growth pace was the most rapid in 2017 when the production volume increased by 53% against the previous year. Puerto Rico production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Leather Footwear Exports

Exports from Puerto Rico

Leather footwear exports from Puerto Rico amounted to less than X kg in 2021, leveling off at the previous year. Over the period under review, exports saw a relatively flat trend pattern.

In value terms, leather footwear exports amounted to less than $X in 2021. In general, exports continue to indicate a relatively flat trend pattern.

Exports by Country

China was the largest exporter of leather footwear in the world, with the volume of exports resulting at X tons, which was near 34% of total exports in 2021. Vietnam (X tons) ranks second in terms of the total exports with an 18% share, followed by Italy (4.8%) and Belgium (4.8%). The following exporters - Germany (X tons), Portugal (X tons), Indonesia (X tons), the Netherlands (X tons), Bangladesh (X tons), Spain (X tons), Poland (X tons), Turkey (X tons) and Cambodia (X tons) - together made up 22% of total exports.

From 2012 to 2021, the biggest increases were recorded for Bangladesh (with a CAGR of +14.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest leather footwear supplying countries from Puerto Rico were China ($X), Vietnam ($X) and Italy ($X), together accounting for 47% of total exports. These countries were followed by Germany, Belgium, the Netherlands, Portugal, Spain, Poland, Cambodia, Bangladesh, Indonesia and Turkey, which together accounted for a further 31%.

Among the main exporting countries, Bangladesh, with a CAGR of +19.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+4.5%), while the other leaders experienced more modest paces of growth.

Leather Footwear Imports

Imports into Puerto Rico

In 2021, the amount of leather footwear imported into Puerto Rico stood at less than X kg, almost unchanged from 2020. Over the period under review, imports recorded a relatively flat trend pattern.

In value terms, leather footwear imports totaled less than $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern.

Imports by Country

In 2021, the United States (X tons), distantly followed by Germany (X tons), Belgium (X tons), France (X tons) and the UK (X tons) were the key importers of leather footwear, together constituting 47% of total imports. China (X tons), Italy (X tons), the Netherlands (X tons), Russia (X tons), Poland (X tons), Spain (X tons), Japan (X tons) and Hong Kong SAR (X tons) followed a long way behind the leaders.

Imports into the United States decreased at an average annual rate of -1.4% from 2012 to 2021. At the same time, China (+15.4%), Poland (+13.0%) and Belgium (+8.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +15.4% from 2012-2021. Germany and the Netherlands experienced a relatively flat trend pattern. By contrast, France (-1.4%), Spain (-1.5%), Japan (-3.0%), Italy (-5.2%), the UK (-6.4%), Russia (-7.3%) and Hong Kong SAR (-16.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Belgium, China and Poland increased by +3.9, +3.3 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Germany ($X) and France ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 38% share of total imports. China, the Netherlands, Italy, Belgium, the UK, Russia, Poland, Spain, Japan and Hong Kong SAR lagged somewhat behind, together accounting for a further 35%.

In terms of the main importing countries, China, with a CAGR of +13.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Puerto Rico stood at less than $X per ton in 2021, flattening at the previous year. In general, the import price showed a relatively flat trend pattern.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($X per ton), while Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform