I bet there will be but it will just be a high level skill or it has limits on how many you can make per day.
I really hope there is an arrow crafting system. And that it's difficult. However not necessarily high level. How much fun will it be to be able to craft arrows when you've finished everything? (I know that's an exaggeration but it's the point I'm making).
I hope rather than this, that you can craft arrows relatively early on, provided you have the necessary ability, however you can't craft decent ones until later on. So iron ones, (or perhaps bone, since that could easily be a material one could hovest from enemies (though might not have the needed weight but it is fantasy) and then later, one could craft ebony arrows e.t.c.
Though the amount you can create and the cost should be well-balanced, it should be a viable way of stocking arrows.