The Gross Value Added (GVA) in Belgium's textiles, wearing apparel, and leather products manufacturing sector experienced a fluctuation from 2013 to 2023, peaking at 1.48 billion euros in 2015 and declining to 1.25 billion in 2023. From 2013 to 2023, the industry saw both growth and decline, with a notable dip in 2019 and 2020. The year-on-year decline from 2022 to 2023 was 2.4%, and the average annual decline (CAGR) over the last 5 years was approximately 1.9%.
Forecasts indicate continued decline with a projected GVA of 1.12 billion euros by 2028. The expected average annual decline (CAGR) for the next five years is around 1.78%, translating to an overall decrease of 8.6% by 2028.
Future trends to watch for:
- Impact of technological advancements on manufacturing efficiency and product innovation.
- Changes in consumer preferences towards sustainable and ethically produced clothing.
- Potential effects of global trade policies and economic conditions on the sector.
- Adoption rates of digital platforms for market expansion and supply chain optimization.
