Korea : Korean textile sector may end 2016 with trade deficit

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Home / Knowledge / News / Textiles / Korean textile sector may end 2016 with trade deficit

Korean textile sector may end 2016 with trade deficit

30
Dec '16

The textile sector of South Korea may suffer trade deficit for the second time in row in 2016 due to the cheap Chinese products flooding the market. The industry witnessed a decrease of 4.8 per cent year-on-year in the first 11 months of the year to make $12.4 billion, according to industry data. Imports of clothing and textiles increased 1 per cent.

Data compiled by the Korean International Trade Association (KITA) shows that imports in the country reached $13.52 billion over the January-November period. If the scenario continues to remain the same in the last month of 2016, imports may exceed the previous record of $14.65 billion in 2014, according to a leading South Korean daily.

The textile industry of Asian country has already logged a trade deficit of $1.09 billion, exceeding last year’s deficit of $157 million for a huge margin.

The South Korean textile sector witnessed a trade deficit for the first time in 2015. High labour costs and competition from foreign countries like China affected the industry’s profitability. (KD)

Fibre2Fashion News Desk – India

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