The textiles and clothing value-added in South Africa remained stable at 1.79 units from 2013 to 2021. However, in 2022, it declined sharply by 39.17%, reaching 1.09 units. The downward trend continued with a 15.35% decrease in 2023, reducing the value to 0.92 units. The compounded annual growth rate (CAGR) over the last five years is -12.43%. Forecasts anticipate this declining trend to persist, projecting a 32.36% annual decrease on average, resulting in a value of 0.11 units by 2028.
Future trends to watch for:
- Impact of global economic recovery on the South African textile and clothing industry.
- Introduction of government policies or incentives aimed at revitalizing the sector.
- Technological advancements and their adoption within the local manufacturing processes.
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