Because it is increasingly likely to say “Made in Vietnam.” The manufacturing behemoth that is the People’s Republic of China is seeing its lead shrink when it comes to exporting footwear to the US, as lower-cost countries such as Vietnam make inroads. Here are five facts to know, culled from a Citi research note.
- China remains the largest supplier of US footwear, accounting for 86.2% of 2011 imports.
- Vietnam is the No. 2 supplier.
- And China’s exports to the US fell 5.5% in 2011.
- Meanwhile, Vietnam’s surged 21.8%, as manufacturers sought cheaper alternatives.
- For instance, the share of Nike’s production done in Vietnam is up to 41% from 31%, over the last five years.
- China’s share of Nike’s production is down to 32% from 35% over the same period.