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Korea's position slips in global textile exports
06
Jan '12
Amid rising competition from newly emerging markets, South Korea's position in global textile market share has slipped to number eight in 2010 from number four in 2000, according to a Korea Federation of Textile Industry report.

The report notes that the country exported US$ 12.6 billion worth of textiles including clothes, during 2010, which is considerably less than US$ 17.7 billion worth of textiles shipped during 2000.

This resulted in a fall in the country's global textile market share from 5 percent in 2000 to 2.1 percent in 2010.

The report says the rising competition from emerging markets, particularly from China, is responsible for the fall in Korea's share in global textile market. During 2010, China shipped textiles worth US$ 242.5 billion, accounting for a 40.3 percent share of global trade.

The Federation had earlier stated that South Korea's textile exports may touch US$ 16 billion in 2011.

In 2012, the Federation expects South Korea's textile exports to remain positive, but the growth rate is likely to drop in view of financial crisis in some countries.

Fibre2fashion News Desk - India

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