The output of clothing in South Korea has seen noticeable fluctuations from 2015 to 2023, with a generally declining trend. From a peak of 42.507 trillion South Korean Wons in 2015, it decreased significantly by 2017. After a brief uptick in 2018, the output continued its downward trend, reaching 37.716 trillion South Korean Wons by 2023. The year-on-year variations over the last two years have been negative at -0.76%. Over the past five years, the compound annual growth rate (CAGR) reflects an average annual decrease of -0.52%.
Future expectations indicate a continued decline, with the forecast for 2028 projecting the output to be 36.216 trillion Wons, marking a 5-year CAGR of -0.64% and an overall 5-year growth rate of -3.17%. This suggests a sustained downward trajectory.
Future trends to watch for:
- Impact of new technologies and automation in clothing manufacturing.
- Economic policies and trade agreements affecting South Korea's textile industry.
- Consumer behavior changes towards sustainable and locally-produced clothing.
