Korean textile market to grow by 4.2% in 2013

01 Sep '12

1 min read

Korea Federation of Textile Industries (KOFOTI) reported that after several years of high growth, the Korean textile market experienced a relatively slow growth during the first half of 2012. However, the Korean fashion market foresees a positive growth of 8.3%. Outerwear and sportswear markets will continue its increasing revenue, and during the latter half of 2012, a growing interest in the innerwear and children’s clothing markets will augment.

On the other hand, accessories, including shoes and bags, constitute 4.8% of the total profit, producing 37.6381 trillion KRW.

The predicted growth for 2012 is approximately 3.6%, but in 2013, the Korean textile market anticipates a good start with a 4.2% growth.

Nonetheless, the markets and their participants should be aware of escalating price of raw materials and wages and also potential seasonal volatility, which may affect the sales and trade.

Currently, the Korean textile market is experiencing four uncertainties: stagnant sales, inflated price, market saturation, and accumulated deficit.

Although the surrounding environment cannot be changed immediately, optimism along with pioneering planning will result in a positive outlook and growth.

Korea Federation of Textile Industries (KOFOTI)

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