In 2023, the import of footwear with uppers of textile materials to Malaysia stood at USD 326.86 million. Historically, from 2013 to 2023, there has been a consistent upward trend in import values, with annual growth rates varying. The early part of the decade saw significant jumps, peaking with an 80.98% year-on-year increase in 2016. However, growth has moderated since then, averaging a compound annual growth rate (CAGR) of 5.66% over the last five years. The growth rate over the last two years was 5.36% in 2022 and 4.99% in 2023.
Forecasting the future, the projected import values for the years 2024 through 2028 show a continued growth trajectory, although at a slightly decelerating pace with a forecasted 5-year CAGR of 3.2%, resulting in an anticipated import value of USD 400.22 million by 2028. The forecasted 5-year growth rate is expected to be 17.06%.
Future trends to watch for include:
● Fluctuations in global supply chains and their impact on import volumes
● Changes in consumer preferences and fashion trends influencing demand
● Government policies on trade and tariffs impacting import dynamics
● Technological advancements in manufacturing affecting the cost and quality of footwear
● Economic conditions influencing disposable income and purchasing power
