The Textiles and Clothing Value Added in Saudi Arabia experienced a significant decline from 2016 to 2017, with a 24.65% decrease. This trend continued with further declines in 2018 and negligible growth in the subsequent years until 2023 when it stabilized. Over the past two years, the value has seen minimal growth, indicating a stabilization phase. The Compound Annual Growth Rate (CAGR) over the last five years stands at 0.3%, signaling a very modest recovery.
Looking ahead, from 2024 to 2028, the forecasted CAGR is slightly positive at 0.27%, with an overall expected growth rate of 1.35% over the next five years. This indicates cautious optimism but suggests a need for strong strategic initiatives to foster significant growth in the sector.
Future trends to watch for include:
- Increased investment in modern textile technology.
- Potential diversification of products to meet global sustainability standards.
- Government policies aimed at boosting the manufacturing sector.
