The exports of wearing apparel from South Korea to South Africa have seen significant fluctuations over the past decade. In 2013, the export value stood at $751.01 thousand, but a dramatic drop occurred in 2015 with a year-on-year decrease of 63.22%, leading to a value of $285.69 thousand. The declining trend continued, albeit with intermittent recovery, resulting in a value of $157.51 thousand in 2023. Over the last two years, exports decreased by 15.24% in 2023 and 13.46% in 2022, following a continuous downward slide. The compound annual growth rate (CAGR) over the last five years is -14.27%, indicating a persistent decline.
Forecast data from 2024 onward suggest a continued decrease in exports, with a projected value of just $9.56 thousand by 2028. The forecasted 5-year CAGR stands at -40.33%, with an overall forecasted 5-year growth rate of -92.43%, indicating a substantial reduction.
Future trends to watch for include the potential impacts of trade policies, exchange rate fluctuations, and changes in consumer preferences towards South Korean apparel in South Africa. Additionally, monitoring the global economic conditions and South Africa's import regulations will be crucial for predicting further changes in export patterns.
