The value added of textiles and wearing apparel in South Korea saw a gradual decline from 2013 to 2018, with a notable dip in 2017. However, since 2019, there has been a moderate recovery. As of 2023, the value stood at 15.018 trillion South Korean Wons. Year-on-year variations reflect small but consistent growth in recent years, improving from 0.67% in 2021 to 0.64% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years from 2018 to 2023 stands at 0.95%, showing a modest upward trend.
Forecasts from 2024 to 2028 indicate a continued, albeit slow, growth trend with a 5-year CAGR of 0.47%, projecting an overall growth rate of 2.35% over this period. By 2028, the sector is poised to reach a value of 15.466 trillion South Korean Wons, reflecting a steady but cautious improvement.
Future trends to watch for include potential shifts in consumer preferences towards sustainable and technologically integrated fabrics, globalization impacts, and advances in manufacturing efficiencies. Market dynamics, such as trade policies and raw material prices, will also play crucial roles in shaping the industry's trajectory.
