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There is a lot of hidden dangers in the export of footwear in Guangdong
The structure of global trade is evolving, and with it, the growth of traditional labor-intensive exports, such as footwear, has slowed down. This shift presents an opportunity for shoe manufacturers to rethink their strategies. As export barriers rise and raw material costs increase, many companies are now focusing on building their own brands and tapping into the growing domestic markets in county-level and rural areas.
Trade barriers have become a major obstacle for Chinese footwear exports. According to reports, the European Union continues to impose technical trade barriers, including environmental standards, safety certifications, and social responsibility reviews, which make it harder for Chinese shoes to enter European markets. In Spain, new policies have been introduced that penalize low-bidding imports, effectively increasing import tariffs in disguise. Similarly, countries like Argentina, Brazil, and Turkey have imposed anti-dumping duties or safeguard taxes on Chinese footwear, further complicating the export landscape.
The appreciation of the RMB has also taken a toll on profit margins. Since 2010, the pace of RMB appreciation has accelerated, and since most footwear exports are settled in USD, this has directly reduced the profitability of these businesses. A 3% appreciation could cut profits by up to 50%, making it even more challenging for small and medium-sized enterprises to remain competitive.
In addition to currency fluctuations, rising raw material prices have added pressure on the industry. Cotton, PVC, and rubber prices have surged, forcing companies to adjust their pricing strategies. For example, fabric prices have increased by nearly 30%, squeezing already thin margins. Many companies are now looking to expand into the domestic market to offset these losses.
Labor costs are also on the rise, particularly in Guangdong, where minimum wages have increased significantly. With higher wages and energy costs, the cost of production is becoming unsustainable for many shoe manufacturers. Meanwhile, competitors like India and Vietnam are leveraging their lower labor costs to gain market share. India, for instance, has boosted its export tax rebate rates and offered preferential policies to enhance competitiveness.
With the domestic market showing strong potential, especially in rural and county-level areas, many shoe companies are shifting their focus. Rural incomes are rising, and consumer demand is growing. Companies are no longer targeting only big cities but are instead exploring smaller towns and emerging markets. These areas offer less competition and greater opportunities for brand establishment.
Consumer preferences are also changing. While high-end shoes cater to a small luxury segment, mid-range and affordable options remain popular among the majority of consumers. Companies are adjusting their product lines accordingly, emphasizing affordability without sacrificing quality.
Branding has become a key strategy for long-term success. Establishing a strong brand not only enhances product value but also helps secure better profit margins. Some companies are investing in research and development, aiming to move beyond simple manufacturing and into core production and branding.
In response to these challenges, many shoe manufacturers are rethinking their business models. The post-crisis environment demands adaptability, and the domestic market offers a promising alternative. As one industry leader put it, "The hidden dangers of exports are becoming clearer, and companies must pay more attention to domestic demand and expand their market presence."
Overall, the future of the footwear industry lies in innovation, diversification, and a stronger focus on domestic markets. By building brands, optimizing operations, and tapping into new consumer segments, Chinese shoe companies can navigate these challenges and find sustainable growth.