The textiles and apparel industry of South Korea has been showing a continuous growth since 2017 after the significant drop between 2014 and 2016. A Market Intelligence report from Fibre2Fashion.

The overall textiles and apparel trade of South Korea was $26.60 billion in 2016 and reached $30 billion in 2018 with a growth rate of 12.78 per cent. The total trade increased by 8.30 per cent in 2018 over the previous year. It is expected to reach $31.36 billion in 2021 with a CAGR of 6.19 per cent over 2018.

Fig 1: South Korean Textile & Apparel Exports ($billion) and Imports ($billion)

                                

Source: CCF GROUP & TexPro

The total textiles and apparel exports of South Korea was $13.30 billion in 2016 and reached $13.70 billion in 2018 with a growth rate of 3 per cent. Exports moved up by 2.23 per cent in 2018 over the previous year. It is expected to reach $14.32 billion in 2021 with a CAGR of 1.5 per cent over 2018.

The total textiles and apparel imports of South Korea was $13.30 billion in 2016 and reached $16.30 billion in 2018 with a growth rate of 22.56 per cent. Imports surged by 13.99 per cent in 2018 over the previous year. It may reach $17.04 billion in 2021 with a CAGR of 10.70 per cent over 2018.