Forecast: Production of Clothing in South Korea

The production of clothing in South Korea showed considerable fluctuations over the past decade. Between 2013 and 2017, there was a noticeable declining trend, experiencing an overall contraction. The industry began to recover slightly from 2018, despite a major dip in 2020, which saw a 15.88% decrease in production likely due to the COVID-19 pandemic. The sector rebounded strongly in 2021 with a growth of 22.06% and continued to show moderate increases through 2023, standing at 43.179 trillion South Korean Wons. Looking ahead, the forecast from 2024 indicates a gradual but steady growth, with a CAGR of 0.97% projected over the next five years, leading to a production value of 45.912 trillion South Korean Wons by 2028.

Future trends to watch for include:

• The impact of sustainable and ethical fashion on production practices

• Digital transformation and the adoption of Industry 4.0 technologies

• Continued evolution in consumer preferences toward quality and niche markets

• The influence of international trade agreements and economic policies on export dynamics