China has long been the largest global footwear manufacturer, supplying products to countries all over the world. In recent years, however, a heavy reliance on foreign markets has brought significant challenges to the industry, as the global recession in 2008 and 2009 led to lower export demand.
Over the five years to 2013, industry revenue has been growing about 12.3% per year. In 2013, revenue is expected to increase 9.2% to $114.3 billion, mainly due to the recovering global economy. The largest product segment of the industry is leather shoes. Leather shoe output has grown steadily over the five years through 2013, increasing at estimated annualized rate of 7.2%.
Export growth of 8.5% is expected in 2013 and exports as a share of industry revenue are estimated at 46.0%. Competing imports make up a much smaller proportion of the industry, accounting for 3.2% of domestic demand in 2013.
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