Fluctuations in Mexican footwear exports
The footwear industry in the state of Guanajuato, Mexico’s main production area, is facing a series of challenges due to the massive influx of Asian products, a recession in domestic consumption, and a shortage of labor.
Amid this situation, a report by COFOCE (Coordinator for the Promotion of Foreign Trade) indicates that exports have experienced erratic performance, with sales decreasing to traditional buyers while increasing to other, less conventional markets.
In the first case, the United States, which accounts for over 90% of Guanajuato’s exports, saw an 8,5% decrease in its purchases in the first half of 2024 compared to the same period in 2022.
Similarly, Canada reduced its purchases by 36,7%, El Salvador by 39,7%, Costa Rica by 46,4%, and Chile by 18,3%.
The most significant increases were seen in Guatemala, which purchased 107,6% more Mexican footwear, followed by Australia with an 88,3% increase, Italy with 12,6%, and Nicaragua with 5,2% during the same period.
These figures suggest that a new commercial strategy is needed for more than 300 footwear factories operating in 16 municipalities of Guanajuato. Actions are being considered to enhance the competitiveness of products and, in particular, to diversify markets to reduce dependency on U.S. purchases.
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