The value added of textiles, wearing apparel, and leather products in Chile has shown a declining trend over the past decade. With values starting at 376.9 billion Chilean Pesos in 2013 and gradually decreasing to 321.84 billion in 2023, reflecting a steady decrease with minimal year-on-year recovery periods.
Over the last two years, the year-on-year variations have been -1.06% in 2022 and -1.05% in 2023. The compound annual growth rate (CAGR) for the last five years is -0.73%, indicating an average yearly reduction over this period.
Forecasts suggest this declining trend will continue, with projections indicating a drop to 303.99 billion Chilean Pesos by 2028. The five-year forecast CAGR is expected to be -0.9%, illustrating a continued but slow decline.
Future trends to watch for:
- Potential impacts of technological advancements and automation in the textile industry.
- Shifts in global trade policies and their effects on Chile’s market.
- Changes in consumer behavior towards sustainable and ethical fashion.
- The evolution and integration of digital supply chain solutions.
