Global trade in sports goods has surged dramatically over the past three decades, with annual imports jumping from $15 billion in 1996 to nearly $64 billion by 2022, according to the latest World Trade Organization (WTO) data.
China has established itself as a powerhouse in sports goods exports, significantly shaping the global market. Back in 1996, China held 32 percent of the world’s sports goods exports, climbing to a peak of 59 percent by 2010. Even with a slight dip to 43 percent in 2022, China remains the dominant exporter.
The United States has led the charge in imports since 2010, responsible for 31 percent of global imports in 2022. The European Union, Japan, and the United Kingdom follow, with the EU at 22 percent and both Japan and the UK each at 6 percent.
The WTO report highlights the Americas and Europe as major players in import growth, together accounting for nearly 75 percent of total imports. The Americas lead with $26.2 billion, despite an average tariff rate of 19.9 percent. Europe follows with $19.8 billion and a lower tariff rate of 9.9 percent. Asia, with the lowest tariff rate of 7.2 percent, ranks third at $15 billion.
The sports goods trade has averaged a 5 percent annual growth rate over the past 30 years. A notable 25 percent surge in 2021 is linked to the reopening of sports centers and a spike in health consciousness post-pandemic. This growth trajectory experienced interruptions in 2009 due to the global financial crisis and again in 2021 amid the pandemic.
The steady rise in global sports goods trade highlights the sector’s resilience and adaptability. Shifts in dynamics show China’s robust export presence and the strong import demand from the US and Europe, reflecting broader economic trends and evolving consumer preferences. As health and fitness awareness continues to climb, the sports goods market is expected to maintain its upward trend, presenting opportunities for businesses and economies around the world.
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