Resounding drop in imports of footwear in Chile
According to a report by the Department of Studies of the National Chamber of Commerce, in collaboration with the economic consulting firm Quant Research, footwear imports in the first quarter of 2023 decreased by 56.2% in volume compared to the same period of the previous year. Compared to the previous quarter (October/November/December 2022), the contraction was 8.3%.
Regarding the international price index in dollars, the figures showed a 6.9% decrease compared to the last quarter of 2022.
"These results are partly influenced by the high comparison base, as the imported volumes in the studied categories -clothing and footwear- were well above the historical average during the first quarter of last year, in response to strong demand influenced by the high liquidity of withdrawals and fiscal aid, and where it was expected to continue with high sales levels. However, this explosive demand normalized during 2022, and sharp declines began to be observed, especially in the consumption of durable goods. This, along with historical levels of inventories reached, plus the current consumption slowdown expected to continue during this 2023, has strongly affected the imports in the sector, indicating the largest decline in the history of the indicator", detailed the report.
Regarding the origin and volumes of footwear imports in Chile, during the first quarter of 2023, China accounted for 58.4% of the total imported (+3.5% compared to the same period in 2022); Vietnam accounted for 20.6% (the same as in 2022); Indonesia accounted for 4.7% (-37% compared to 2022), and Brazil accounted for 3.9% (-8% compared to the previous year).
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