Over the past decade, the production of textiles and wearing apparel in South Korea fluctuated significantly. It saw a declining trend from 2013 to 2017, with a noticeable drop in 2020 likely due to the impact of the COVID-19 pandemic. However, from 2021 onwards, there was a recovery in production levels. As of 2023, production stood at 72.145 trillion South Korean Wons, showing a modest increase year-on-year of 0.98%. Notably, the Compound Annual Growth Rate (CAGR) for the last five years stands at 1.14%, reflecting a slow yet steady recovery.
Future trends to watch for include:
- Potential impact of technological advancements in textile manufacturing.
- Shifts in global trade policies and their effect on South Korean exports.
- Changes in consumer preferences towards sustainable and eco-friendly apparel.
- Economic conditions and their influence on production costs and demand.
