Related Keywords: decline in number of operations, due to labour shortage, employees, growth in competition, imports increased, Korean International Trade Association, major growth driver, most from China, relocating in China and Vietnam, rising cost, South Korea textile and clothing industry, textile and clothing exports, trade deficit
South Korea’s textile and clothing imports touch $14.66 billion mark, an increase by 8.4 percent in 2014 of which 45 percent of these imports (valued at $6.59 billion) came from China, according to figures released Tuesday by the Korean International Trade Association.
The country could soon post a trade deficit in an industry that used to be a major growth driver for its economy.
The country’s textile and clothing exports decreased last year by 0.1 percent to $15.94 billion, narrowing the industry’s surplus by $1.28 billion, about 50 percent less than the surplus amount in 2013.
