Sports goods trade has seen a massive boost in recent years, with increased spending by a variety of consumers. Since 1996, trade in sports goods has tripled, with annual imports reaching close to $64 billion.
During this time, China emerged as the leading exporter, while the European Union and the United States have become major importers, according to data released recently by the World Trade Organization (WTO).
Americas, Europe lead import growth
In the last 30 years, the sports goods market saw a trade surge with annual imports rising from $15 billion in 1996 to almost $64 billion in 2022. The Americas and Europe, in particular, dominate the global sports goods trade landscape, accounting together for almost 75 percent of total imports.
The Americas lead with $26.2 billion in imports but face a relatively high average tariff rate of 19.9 percent. Europe follows with $19.8 billion in imports and a lower tariff rate of 9.9 percent. Meanwhile, Asia ranks third in imports, recording $15 billion and benefiting from the lowest tariff rate of 7.2 percent.
Global imports of sports goods over the past 30 years have experienced substantial growth, with an average annual growth rate of 5 percent. This trend saw a particularly significant surge of 25 percent in 2021.
WTO figures reveal that sports goods trade grew steadily from 1996 to 2022, with two exceptions. The sector saw a significant contraction in 2009, following 2008’s global financial crisis. Meanwhile, in 2021, it witnessed a significant surge following the COVID-19 pandemic. WTO attributes this surge to the government-imposed restrictions during the pandemic as consumers worldwide became more health conscious at a time when sports centers reopened.
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China export share surges
As for exports, China has long been the most significant exporter of sports goods worldwide. In 1996, the country was responsible for 32 percent of the world’s sports goods exports, increasing its share to a peak of 59 percent in 2010. In 2022, it still accounted for a remarkable 43 percent of global exports.
Meanwhile, the United States has been the largest importer of sports goods since 2010, accounting for 31 percent of the world’s imports in 2022. The European Union, Japan and the United Kingdom are the next largest, with 22 percent and equal shares of 6 percent, respectively.
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