From 2013 to 2018, the value added of textiles, wearing apparel, and leather products in South Korea demonstrated a downward trend, dropping from 17.985 trillion South Korean Wons in 2013 to 15.911 trillion in 2018. This period saw negative year-on-year variations, particularly stark in 2017 with a -6.29% change. However, a slight recovery began in 2019, continuing through to 2023 where the value reached 16.663 trillion South Korean Wons, indicating a modest rise after a prolonged decline. Recent years illustrate stabilizing growth with minor increases, such as a 0.57% rise in 2023.
Looking forward, the forecast for 2024 to 2028 suggests a steady albeit slow growth with a forecasted 5-year compound annual growth rate (CAGR) of 0.42%, culminating in an estimated value of 17.109 trillion South Korean Wons by 2028. This indicates cautious optimism for the sector, showing a gradual recovery from previous declines.
Trends to watch for in the future include potential advancements in sustainable and eco-friendly textile production, increased automation, and digital transformation within the industry, alongside potential trade policy changes which could affect operational costs and market access.
