Brazil's shoe exports may be turning around, at last. During the month of November, they totaled $71.3 million, amounting to increases of 4.7 percent from the previous month and by 1.1 percent as compared to November 2014. For the first 11 months of this year, they are still down by 11.3 percent to $840.8 million, but they have stopped declining.

Exports to the U.S., Brazil's largest foreign market, grew by 8.5 percent year-on-year in November. In the second-largest market, Argentina, they were up by 8.5 percent. With a 7.7 percent increase in exports, Bolivia became the third-largest market, overtaking France.

On the other hand, shoe imports into Brazil were down by almost 40 percent in November. They were down by 12.4 percent to $461.6 million for the first 11 months of 2015, leading to an improvement in the country's trade balance for footwear.

These statistics augur well for Brazil's export business in 2016 and foreign activity at the Couromoda fair in São Paulo next month. The Brazilian shoe industry association, Abicalçados, had already predicted these trends in view of the declining value of the Brazilian real and the decline in domestic consumption.