Forecast: Production of Textiles, Wearing Apparel, Leather Products in South Korea

The production of textiles, wearing apparel, and leather products in South Korea has exhibited a fluctuating trend over the past decade, peaking in 2013 at 88.293 trillion South Korean Wons and reaching a low in 2020 with a significant decline to 65.844 trillion Wons. This sector experienced notable decreases between 2013 and 2017, with a pronounced dip in 2020. However, a recovery phase began in 2021, showing modest year-on-year growth up to 2023, where the sector stood at 81.416 trillion Wons. The compound annual growth rate (CAGR) for the recent five years is approximately 1.05%.

Looking ahead, the future forecasted data predicts a continual, albeit slow, upward trend through to 2028, with a five-year CAGR of 0.68%. The production value is expected to increase to 84.977 trillion Wons by 2028, marking an overall growth rate of 3.42% from 2023 levels.

Future trends to watch for:

• Technological advancements in textile and apparel manufacturing contributing to efficiency and reduced costs.
• Shift towards sustainable and eco-friendly production methods affecting materials and processes.
• Global trade policies and their impact on South Korea's export markets.
• Changing consumer behavior post-COVID-19 and its effect on demand.