Home / Knowledge / News / Textiles / South Korean textile & clothing imports cross $14bn
South Korean textile & clothing imports cross $14bn
03
Mar '15
The imports of textiles and clothing by South Korea crossed the US$ 14 billion mark last year, narrowing the industry’s surplus further.
 
In 2014, South Korea’s textile and clothing exports grew by 8.4 per cent year-on-year to $14.66 billion, which is an all-time high, yonhap news agency said citing data from the Korea International Trade Association.
 
On the other hand, South Korea’s textile and garment exports decreased 0.1 per cent year-on-year to $15.94 billion during the year. Thus, the industry’s surplus was at a record low of $1.28 billion, about 50 per cent less than the surplus amount in 2013.
 
The trade surplus in textiles and clothing has been declining since 1998, when it was at a peak of $14.04 billion. Several factories relocating their production to China and Vietnam due to high production costs is one of the reasons for declining exports.
 
South Korea’s imports have been growing in recent years, mostly driven by low-priced products from China. In 2014, about 45 per cent of the country’s total imports valued at $6.59 billion came from China, while its exports were worth $2.52 billion.
 
South Korean textile industry experts say the country could soon become a trade deficit from trade surplus if the current trend continues. (RKS)
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search