Between 2013 and 2023, South Korea's import of synthetic staple fibres experienced fluctuations. The value peaked in 2014 with a significant year-on-year increase of 17.5% and witnessed a substantial decline in 2020 by 16.06%. The period from 2015 to 2020 showed a general declining trend, with values showing negative year-on-year growth in several years. A notable recovery occurred from 2021 onwards, with the value reaching 51.075 million US dollars in 2023, reflecting a slight year-on-year increase of 1.03%.
Examining the compound annual growth rate (CAGR), it varied over the ten years, reaching 6.16% in the early period and showing more conservative figures towards 2023 at 0.7%. The forecast for the next five years projects a modest CAGR of 0.82%, leading up to a slight growth rate of 4.16% by 2028.
Future trends to watch for include ongoing geopolitical developments, potential shifts in demand due to technological advancements in textile manufacturing, and environmental concerns impacting synthetic fibres' production and importation. Additionally, monitoring trade policies and economic stability in South Korea will provide insights into the material's import trajectory.
