South Korea’s textile and apparel imports and exports increased, and the trade deficit expanded
In 2018, South Korea’s textile and apparel imports and exports achieved double growth, and the trade deficit continued to expand. In the past ten years, South Korea’s textile and clothing imports have continued to increase, while its exports have changed little in recent years and have decreased compared with five years ago. In 2018, South Korea’s textile and apparel imports were US$16.226 billion, an increase of 12.11%, and exports were US$13.571 billion, an increase of 2.25%.
South Korea’s textile and apparel exports are still dominated by 60 (knitted fabrics and crocheted fabrics), 54 (chemical fiber filaments; flat strips made of chemical fiber textile materials and similar products), and 55 (chemical fiber staple fibers). In terms of volume changes, the export value of 60 (knitted fabrics and crocheted fabrics) has declined, a year-on-year decrease of 4.12%. The export value of most other major export varieties has increased, and the export value of 55 (chemical fiber staple fiber) has increased relatively significantly. , an increase of 15.97%.
From the perspective of exporting countries and regions, the main exporting countries of Korean textiles and clothing in 2018 are still Vietnam, China, and the United States. Among them, the export volume to Vietnam and the United States has increased significantly. The volume of exports to Vietnam increased by 3.9% year-on-year, and exports to The volume in the United States increased by 11.25%.
South Korea’s textile and clothing imports are mainly finished clothing, accounting for about 62%, followed by cotton products. In 2018, the export volume of various varieties of South Korea’s textile and clothing imports increased, and the increase was significant. Among them, imports 62 (non-knitted or non-crocheted clothing and clothing accessories) and 61 (knitted or crocheted clothing and clothing accessories) increased by 15.47% and 16.23% respectively.
From the perspective of importing countries and regions, the main importing countries of Korean textiles and clothing are China and Vietnam, and China is the largest source of imports. In 2018, South Korea’s imports from China accounted for 37%, a year-on-year increase of 6.91%, and imports from Vietnam The volume increased significantly by 23.25%. In addition to Vietnam, South Korea’s import volume from Indonesia, India, Myanmar and other countries also increased significantly. In recent years, China’s share of the global textile and apparel export market has been declining year by year, while India and some Southeast Asian countries such as Vietnam have developed rapidly, and South Korea’s textile and apparel import trend is no exception.
Source: China Cotton Textile Industry Association
Title: South Korea’s textile and apparel imports and exports increased in 2018, and the trade deficit expanded
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