Global export activity is expected to see significant increases across various industries throughout 2024, fueled by strategic trade agreements and overcoming global challenges. Vietnam's footwear and leather industry, for example, is projected to reach between $26 billion and $27 billion in export revenue, marking a notable rise of $3 billion from the previous year. This prediction follows the effective utilization of numerous free trade agreements, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso).
Phan Thi Thanh Xuan, Lefaso's Vice Chairwoman and General Secretary, emphasized Vietnam's position as the world’s third largest footwear producer, trailing only behind China and India. "North America is the top destination for our exports, accounting for 41.4% of footwear and 47% of handbag exports, followed by the EU, which comprises 29.5% and 25.4%, respectively," she stated. Key markets—such as the US, Japan, and the UK—represent over 88.4% of the total export turnover. Experts suggest strengthening the domestic supportive industry and raw material production is pivotal to maximizing the benefits of these free trade deals.
Meanwhile, the India-Australia Economic Cooperation and Trade Agreement (ECTA), signed on April 2, 2022, has delivered substantial dividends. Piyush Goyal, India's Commerce Minister, noted on the agreement's second anniversary, "This landmark agreement has enabled growth in exports by over 14% and increased market access for Indian exporters." The pact, operational since late 2022, contributed to bilateral merchandise trade more than doubling from $12.2 billion to $26 billion between 2020-21 and 2022-23. During the current fiscal year, trade remains strong, reaching $16.3 billion from April to November 2024.
Despite the positive outlook, there were challenges as India's total trade with Australia moderated to $24 billion for 2023-24, with exports rising to $7.94 billion—an impressive 14.23% year-on-year growth. Key sectors benefiting from the ECTA include textiles, chemicals, and agriculture, along with new categories like gold-studded jewelry and turbojets indicating diversification. These developments highlight India’s concerted efforts to balance trade dynamics and capture new markets.
Notably, Saskatchewan’s agri-food exports to the United Arab Emirates reached $322 million from January to October 2024, reflecting an increase of 19% compared to the previous year. Lentils alone accounted for $174 million of the total, illustrating not only growth but also the province's commitment to providing sustainable food solutions globally. Agriculture Minister Daryl Harrison stated, "The growth of agri-food exports to the UAE demonstrates the success of Saskatchewan's strategy to strengthen our international markets." The diversity of products, including canola seed and non-durum wheat, positions Saskatchewan as a key player on the global agri-food stage.
Iran's economy is also witnessing positive trends, with non-oil exports climbing 18% year-on-year to $43.14 billion during the first nine months of the Iranian calendar year. According to Foroud Asgari, head of Iran's Customs Administration, petrochemical exports surged, indicating resilience and adaptation amid international sanctions. Notably, China remains Iran's primary export market, acquiring $11 billion worth of goods, followed closely by Iraq and the UAE.
These diverse trade activities across countries underline how nations are innovatively leveraging free trade agreements and their domestic strengths to boost exports and make meaningful contributions to global trade dynamics. The expectation for 2024 appears bright as nations navigate through existing challenges and capitalize on opportunities for mutual growth. With initiatives like the Comprehensive Economic Cooperation Agreement (CECA) between India and Australia progressing, the goal of achieving AUD 100 billion trade by 2030 seems more attainable, setting ambitious targets for bilateral trade across the globe.