Channel: Trade

10 June, 2010
Trade in Footwear
The total trade between India and the UK in Footwear and articles thereof (HS Code - 64) has increased at a compound annual growth rate (CAGR) of 5.85% over the past decade.
Tables & Graphs
The total trade between India and the UK in Footwear and articles thereof (HS Code - 64) has increased at a compound annual growth rate (CAGR) of 5.85% over the past decade. The total trade between these two was GBP 122.27m in the year 2000. It touched GBP 200m post recession in the year 2009 when it grew by more than 21.93%. This was the highest growth rate in the last decade. The trade in this sector showed negative trend in the year 2002, 2003 and 2005 when the trade slipped by 2.05%, 11.30% and 0.22% respectively. However, the biggest surprise came in when this sector showed second best growth rate of 14.25% during the recession period i.e. 2008. UK has never been a match to India’s prowess in this sector. UK’s exports to India in Footwear and articles thereof (HS Code - 64) was a mere GBP 1.07 m in 2000 whereas it was GBP 121.20m the other way round. The trade deficit for the UK has reached zenith when it touched a mammoth GBP 200m in the year 2009.
 
Quick Facts
Trade Growth and Declines
  • The exports of Footwear and articles thereof (HS Code - 64) from the UK to India in the year 2009 stands at GBP 1.13m while that of Import from India to the UK was at an all time year high of GBP 202.96m.
  • UK’s Import from India has seen a drop of 2%, 11.65%, and 0.34% in the year 2002, 2003, and 2005 respectively.
  • However, the UK’s imports stood against the tide as it registered the second best decade growth rate of 13.94% even in the bad times. It shows that the demand of Footwear from India beats the recession which can be attributed to the factors like low cost.
  • UK’s export to India nearly got doubled in the year 2008 when it increased to GBP 1.06m from GBP 0.54m in 2007.
  • UK’s export to India saw the steepest fall when it nearly reduced to the half of its value to GBP 0.69m from GBP 1.31m in the year 2006.
  • UK’s export to India grew very slowly at a lowly CAGR of .617% over the last decade.
  • Whereas, the UK’s import from India grew steadily at a CAGR of 5.89%.
  • UK’s export to India saw negative growth rate five times the last decade, while it was hovering around only GBP 1m for the whole of the decade.
 
Share of trade

  • UK’s total import of Footwear and articles thereof from the world stood at GBP 3.119b in the year 2009.
  • UK’s import from the world surprisingly increased by 6.76% during the recession period as compared to a whopping increase of 13.94% in case of India during the same period i.e. 2009. It shows of India’s domination in this sector as compared to the rest of the world.
  • India’s share in the UK’s import fell continuously till 2005 when it dropped from 6% in 2000 to 4.67%.
  • However, from 2005 onwards it took an upturn as it touched it the share of 6.51% in the year 2009. First two months of 2010 saw further upsurge as the share increased to an all time high of 7.04%.
  • UK’s total export of Footwear and articles thereof to the world was GBP .716b in year 2009, which is nearly 1/4th of the imports from the world.
  • UK’s export to the world increased by the second best growth rate of 15.26% during the recession period as compared to the growth of 97.19% in case of India during the same period i.e. 2008.
  • India’s share in the UK’s total exports saw the lowest point in 2007 when the share reduced to the lowest 0.10%.
  • UK’s export of Footwear and articles thereof (HS Code - 64) to the world grew at a CAGR of 3.72%, lower than the UK’s import from the world at 4.95%.
 

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