Home / Knowledge / News / Textiles / Textile industry overcomes trade crisis
Textile industry overcomes trade crisis
16
Jan '08
The textile industry of South Korea, which also promises to be the paramount export sector for the country, is aiming for a revival backed by high-tech products, mainly including medical fabrics.

The endeavor to revolutionize production process and adaptation to value added products is greatly backed by the Government.

Development of technologies to advance future textile markets would largely emphasize on smart textiles, medical textiles and nano-composite textiles.

The Ministry of Commerce, Industry and Energy (MOCIE) stated that in 2007, South Korea exported textile goods worth US $13.5 billion which marked an increase of 2.3 percent compared to the year before.

Of late, the textile sector of South Korea was hit hard because of two major reasons namely; stiff competition with developing economies like China and the liberalization of textile trade in 2005.

However, the country did take a long time to recuperate from the trauma and this can be evidenced from its last year's trade reports. Trade surplus in 2007, can largely be credited to factors like expiry of oversupply and price-cutting competition, expansion in the production of high-value added goods, fortification of overseas marketing and implementation of the free trade agreement (FTA) with the US.

Experts predict that textile goods will see a rise of 1.6 percent to reach 13.8 billion. Further, the inter-Korean economic project in the Gaeseong Industrial Complex would also help in expanding production and increasing exports.


Must ReadView All

Courtesy: Kai Pilger from Pexels

Apparel/Garments | On 26th Apr 2018

FOBAP in the Philippines trying for garments sector revival

The Foreign Buyers Association of the Philippines (FOBAP), a body...

German investors keen to invest in Pakistan: top official

Textiles | On 26th Apr 2018

German investors keen to invest in Pakistan: top official

A German traders delegation will soon visit Pakistan to explore...

Courtesy: Uster

Textiles | On 26th Apr 2018

Uster Technologies acquires Elbit Vision Systems

Uster Technologies has announced the successful closure of the...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Urmil Arya

Sushila International, a well established textile organisation established ...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

Leave your Comments


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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