Forecast: Textiles and Clothing Value Added in South Korea

The textiles and clothing sector in South Korea has experienced a continual decline in value added from 2013 to 2023, falling from 3.56% of the manufacturing value added in 2013 to just 2.33% in 2023. The year-on-year variation reveals a mix of modest decreases and sharper declines, peaking at a significant -11.45% drop in 2022 and a further -9.6% in 2023. The compound annual growth rate (CAGR) reveals an average annual decrease of -4.31% over the last five years.

Looking ahead, the downward trend is forecasted to continue through 2028, with the value added projected to decrease to 1.11%. The forecasted five-year CAGR from 2024 to 2028 stands at -11.82%, indicating a significant annual reduction and an overall decline of -46.69% by 2028.

Future trends to watch for include:

• Technological advancements and innovation within the sector that could drive efficiency and cost reductions.
• Shifts in trade policies and international market dynamics influencing demand and competitive positioning.
• Consumer behavior changes, especially regarding sustainable and ethically-produced textiles.