The export of articles of apparel and clothing accessories from South Korea has shown significant variation over the years. In 2023, the export value stood at $1.9337 million. The year-on-year percentage change from 2022 to 2023 was a slight decline of 0.57%. Over the last two years, the export value has fluctuated minimally, indicating a relatively stable trend. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) is -1.91%, suggesting a slight long-term decline. Future forecasts indicate a continued decline, with the export value projected to decrease at an average annual rate of 0.48% from 2024 to 2028.
Future trends to watch for include:
- Increasing global competition from lower-cost manufacturers.
- Potential impacts of trade policies and agreements on export volumes.
- Shifts towards sustainable and ethical fashion which could influence demand.
- Changes in consumer preferences and economic conditions in key export markets.
