MATRADE: GO INTO FOOTWEAR BUSINESS
Industry possesses huge growth potential, says deputy CEO
MALAYSIA External Trade Development Corporation (Matrade) urges young entrepreneurs to venture into the footwear business due to the industry’s huge growth potential.
Matrade deputy chief executive officer Datuk Wan Latiff Wan Musa said by adopting an innovative mindset and awareness of market trends, young entrepreneurs should be able to come up with fashionable and comfortable designs for shoes.
Speaking at the launch of the Nottingheels Spring Summer 2018 collection, here, yesterday, he said Malaysia’s total footwear exports amounted to RM715.5 million last year, a 22.4 per cent increase from RM584.7 million in 2015.
“Major exports include footwear with outer soles or uppers of rubber, plastics and leather worth RM175.1 million and sports footwear with outer soles of rubber or plastic valued at RM77.6 million,” he added.
He said last year, Singapore was the biggest market for Malaysia’s footwear exports, valued at RM205.5 million and accounting for 28.7 per cent of total footwear exports.
It was followed by Indonesia (RM46.3 million; 6.5 per cent share) and the United Kingdom (RM43.9 million; 6.1 per cent share).
Earlier, Wan Latiff said local companies could strengthen the industry’s capability by moving up the value chain. “While the global market promises many opportunities, there is intense competition, which requires local producers to innovate and keep abreast of current customer trends and needs, particularly for products that cater to a healthy lifestyle.
“It is important for companies to gather market insights before exploring the international market,” he said.
Meanwhile, commenting on the upcoming 2018 Budget, Wan Latiff said he hoped the government would allocate a reasonable amount of funds for export promotion.
“Up to August this year, our export performance grew 22 per cent from the same period last year, despite the relatively low allocation that we received in the 2017 Budget,” he said.