South Korea's apparel imports surge 13% to $1.33 bn in Oct 2024

29 Nov '24

2 min read

South Korea's apparel imports surge 13% to $1.33 bn in Oct 2024

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Insights

South Korea's apparel imports rose by 13.11 per cent year-on-year to $1.34 billion in October 2024, despite a 3.67 per cent dip from September.
January-October imports totalled $10.52 billion, led by Chapter 62 items.
Exports of man-made filaments and knitted fabrics also increased slightly year-on-year.
In 2023, apparel imports were $11.99 billion, while Chapter 54 exports hit $2.11 billion.

South Korea’s apparel imports reached $1,337.704 million in October 2024, marking a 13.11 per cent increase from $1,182.664 million in the same period of the previous year. On a month-on-month basis, apparel imports eased by 3.67 per cent compared to inbound trade of $1,388.169 million in September 2024, according to the latest figures released by the Korea Customs Service.

In October 2024, South Korea imported knitted apparel and clothing accessories (Chapter 61) valued at $500.484 million, compared to $428.005 million during the month in 2023. The import value of non-knitted apparel and clothing accessories (Chapter 62) was $837.220 million in October 2024, up from $754.659 million in October 2023. In September 2024, the country’s imports amounted to $549.839 million (Chapter 61) and $838.330 million (Chapter 62).

From January to October 2024, South Korea’s total apparel imports amounted to $10.523 billion, with Chapter 61 items accounting for $4.313 billion and Chapter 62 items for $6.210 billion. For full-year 2023, the country imported apparel worth $11.991 billion, with Chapter 61 imports at $4.842 billion and Chapter 62 imports at $7.149 billion.

South Korea typically exports fabrics and textile materials while importing ready-made garments. In October 2024, the country exported man-made filaments, strips, and similar materials of man-made textiles (Chapter 54) worth $160.024 million and knitted or crocheted fabric (Chapter 60) worth $135.913 million. In October 2023, these exports were valued at $158.477 million for Chapter 54 and $126.528 million for Chapter 60. In September 2024, the export values were $145.229 million and $124.318 million, respectively.

During the January to October 2024 period, South Korea’s exports under Chapter 54 reached $1,644.639 million, while exports under Chapter 60 totalled $1,426.382 million. In 2023, exports under Chapter 54 amounted to $2,107.283 million, and under Chapter 60 to $1,788.741 million.

Fibre2Fashion News Desk (KUL)

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