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Footwear Industry in Venezuela: Investment Opportunities

Investing capital in Venezuela is a risky move, but with the possibility of great benefits in the medium and long term. In the economic field, the country has a base of solid commercial movements that keep the domestic market active, making it moderately stable. That is why renowned shoe brands continue to bet on capital investment in the country, thanks to the confidence in the market and strong demand from Venezuelans. In that sense, in this article we will explain which are the investment opportunities in footwear manufacturing in Venezuela.

Current global footwear industry context

Currently, it is estimated that at least 80% of the world's goods are transported via ocean shipments. And with the war conflict between Ukraine and Russia, the effects on the global economy have been immediate. Transportation routes and costs have increased dramatically around the world. The absence of Russian oil from the market has had a direct impact on fuel costs, increasing the cost of all kinds of products and services.

But despite a more expensive outlook, according to the report by World Footwear 2022The global footwear industry will produce +8.6% of pairs of shoes in 2021. Achieving positive growth, where Asia remains one of the largest footwear manufacturers with 88.2% of global production. Latin America remains behind with 4.7% of production, followed by Europe with 2.8%. In this case, the main exporters are Asia and Europe; and in the consumption index, Asia leads the numbers, followed by North America, Europe, Africa, and Latin America.

How is the footwear industry doing in Venezuela?

In the case of the footwear industry, the market has shown that mid-range brands such as the Kickers branch, Rossi, RS (formerly RS21) and Loblan can sustain themselves by manufacturing, manufacturing and exporting their products while satisfying part of the domestic demand. The web portal Voice of America The Venezuelan company Full Time, one of the most representative footwear factories in the industry, managed to increase production by 20,000 pairs compared to last year. But dollarization has not yet succeeded in recovering industrial activity in its entirety, so that the Venezuelan companies have not yet been able to recover their production. Venezuelan companies only manage to meet 20% of demand.

On the other hand, the other 80% of demand is met by footwear imports from Chinese, Taiwanese, Vietnamese and Portuguese companies. Undoubtedly, this demand is a nest of opportunities for all those companies that want to participate in some link of the production chain. If we take the experience of the national brands that are currently producing footwear, the high costs of raw materials could be solved by manufacturing them in Venezuela.

In the case of raw material imports, the flow of commercial transportation has not diminished at the country's ports and land borders. And it is expected that with the recent opening of the commercial border with Colombia, new opportunities for the industrial sector will be attracted. This translates into investment opportunities ranging from the acquisition of raw materials, technology, exchanges for business development, among others. Therefore, it is expected that the new experiences and the commercial exchange with Colombia (a large producer of footwear) can improve the industry in Venezuela.

What are the investment opportunities for the footwear industry in Venezuela?

Due to the high demand for essential products and services in Venezuela, the footwear industry can only supply 30% of the population's needs. This is why the investment catalogs are so promising in the medium and long term. Especially in the footwear area, there are business opportunities associated with the following activities:

  • Manufacture of safety footwear.
  • Manufacture of casual and sport shoes.
  • Manufacture of soles and glue.
  • Marketing of raw materials.
  • Exports of shoes to African countries and Caribbean islands

On the other hand, the importation of high-end and even customized shoes has managed to emerge as a fruitful business within the Venezuelan financial crisis. In many shopping malls in the main cities of the country, you can find stores with exclusive shoes to be purchased under order abroad. Demonstrating that the demand is still powerful, at the same time that the commercialization of products to and from Venezuela is a key point in the structuring of a plant in the country. And that geographic location can be leveraged as a strength when designing an effective business strategy.

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