The import of cotton to South Korea stood at 1.1506 Billion US Dollars in 2023, reflecting a generally declining trend over the past decade. From 2013 to 2023, the year-on-year variation has shown a consistent decrease, except for a brief uptick in 2018. The CAGR over the last five years stands at -2.06%, indicating a small annual decrease in cotton imports. The projected data for the years 2024 to 2028 suggest a continued downward trend, with a forecasted 5-year CAGR of -1.29% and an overall forecasted growth rate of -6.27% by 2028.
Key variations over the last two years show a year-on-year decrease of approximately -1.47% annually.
Future trends to watch for include:
- Potential impacts of changing global trade policies and tariffs affecting cotton imports.
- Developments in textile manufacturing technology that may lead to altered demand for raw cotton.
- Environmental and sustainable practices influencing sourcing decisions and import volumes.
- Fluctuations in global cotton prices and supply chain disruptions impacting South Korea's import strategy.