Singapore: Leather Footwear Market 2025

Leather Footwear Market Size in Singapore

The Singaporean leather footwear market reached $X in 2021, surging by 2.9% 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 continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Leather Footwear Exports

Exports from Singapore

In 2021, shipments abroad of leather footwear increased by 34% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 38% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the near future.

In value terms, leather footwear exports surged to $X in 2021. Overall, exports saw resilient growth. The growth pace was the most rapid in 2014 when exports increased by 41% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Malaysia (X tons), Japan (X tons) and Indonesia (X tons) were the main destinations of leather footwear exports from Singapore, together accounting for 45% of total exports. These countries were followed by Thailand, Vietnam, the Philippines, the United States, Australia, Russia, Hong Kong SAR, India, South Korea and Taiwan (Chinese), which together accounted for a further 41%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +95.4%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Vietnam ($X) and Japan ($X) were the largest markets for leather footwear exported from Singapore worldwide, with a combined 34% share of total exports. These countries were followed by Australia, Indonesia, the Philippines, Thailand, Hong Kong SAR, India, Taiwan (Chinese), the United States, South Korea and Russia, which together accounted for a further 51%.

India, with a CAGR of +62.9%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average leather footwear export price amounted to $X per kg, surging by 1.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2019 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per kg), while the average price for exports to Russia ($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 Malaysia (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Leather Footwear Imports

Imports into Singapore

Leather footwear imports into Singapore expanded sharply to X tons in 2021, with an increase of 15% against the previous year. Over the period under review, total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -27.7% against 2019 indices. The pace of growth was the most pronounced in 2018 when imports increased by 55%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, leather footwear imports surged to $X in 2021. The total import value increased at an average annual rate of +3.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 26% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest leather footwear supplier to Singapore, with a 54% share of total imports. Moreover, leather footwear imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold. The third position in this ranking was held by Italy (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+18.7% per year) and Italy (+7.8% per year).

In value terms, Italy ($X) constituted the largest supplier of leather footwear to Singapore, comprising 50% of total imports. The second position in the ranking was taken by China ($X), with a 21% share of total imports. It was followed by Vietnam, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Italy totaled +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.9% per year) and Vietnam (+17.4% per year).

Import Prices by Country

In 2021, the average leather footwear import price amounted to $X per kg, with an increase of 6.3% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 18%. As a result, import price attained the peak level of $X per kg. From 2018 to 2021, the average import prices failed to regain momentum.

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 ($X per kg), while the price for India ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+0.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform