The output of textiles in South Korea has seen a fluctuating trend over the past decade. From a high of 30.03 trillion KRW in 2015, there has been an overall decline, with some years exhibiting slight recoveries. As of 2023, the textile output stood at 26.341 trillion KRW, marking a -0.82% year-on-year decrease. The average annual decline over the last five years (CAGR) has been -0.67%. The most pronounced drop was seen in 2020 (-17.16%), with a partial recovery in 2021 (19.48%). However, the general trend remains downward.
Looking ahead, forecasts indicate a continued decline with an average annual decrease (CAGR) of -0.69% over the next five years, leading to a projected output of 25.209 trillion KRW by 2028. Future trends to watch for include potential impacts of technological advancements and innovations in textile production, shifts in global trade policies, and changes in consumer demand due to sustainability concerns and economic conditions.
