Liang Richang, President of Hongkong Footwear Association, said that the export volume of domestic footwear dropped significantly in the previous quarter, due to the global economic slowdown and the financial crisis. The volume of exports will decline 20% compared with last year, and it is expected that there will be a decrease in 10-15% in the first quarter of next year, with the largest decline in US exports.

He also believes that the shoe industry in Guangdong will have a wave of graduation at the end of the year.

He pointed out that from the beginning of last season, European orders have slowed down significantly, and the total export volume in the second quarter has dropped 15-20%, but there has not been any return and booking.

He pointed out that as the production costs continued to rise, the cost of Guangdong's companies increased by 30% compared with last year, and the export price increased significantly. Therefore, it is believed that next year's business volume will not drop significantly, with an estimated decrease of 5-8%.

He added that there had been a wave of graduation in the industry of Guangdong province. However, because the American market was too weak, the shoemaker had to withdraw from the mainland. According to the news of the industry, up to now, about 2000 shoe factories were forced to close their businesses because of the high cost and difficult business.