In the first five months of 2012, China's footwear exports grew by 4 percent in volume to 4.14 billion pairs and by 8.6 percent in value to $15.5 billion, compared with the same period a year ago. At the same time, retailers and distributors imported 21.7 million pairs of shoes into China with a value of $600 million, a growth of 35.9 percent in volume and 38.3 percent in value. The average price per pair for exported shoes in the five-month period was $3.74, while the corresponding value of the shoes imported into China was an average of $27.65, i.e. more than seven times higher.