South Korean textile industry may suffer trade deficit | Trade News South Korea
Home » News » Trade News » South Korean Textile Industry May Suffer Trade Deficit

South Korean textile industry may suffer trade deficit

Share: 
      Newsletter

READ MORE ON KITAMarket ReportTrade News South Korea

South Korea Textile Industry

Image Courtesy: businesskorea.co.kr

South Korean textile sector may suffer trade deficit for the second time in the row due to the cheap Chinese products flooding the market, according to industry data compiled by the Korean International Trade Association (KITA).

As per the data, the textile industry witnessed a decrease of 4.8 per cent year-on-year in the first 11 months of the year to make US $ 12.4 billion and imports of clothing and textiles increased 1 per cent. The imports in the country reached US $ 13.52 billion over the period of January-November in 2016.

Also ReadIndonesia to revive textile industry with aid from India

If the scenario continues to remain the same in the last month of 2016, imports may exceed the previous record of US $ 14.65 billion in 2014. The textile industry of Asian country has already logged a trade deficit of US $ 1.09 billion, exceeding last year’s deficit of US $ 157 million for a huge margin. High labour costs and competition from foreign countries like China affected the industry’s profitability.

 

Have some news? Let us know on news@apparelresources.com

Recommended by Apparel Resources

A.T.E. reinstates its focus on textile machinery segment

A.T.E. Group has decided to shift its focus back on textile machinery segment. The company had recently shut down its garment machinery supply business as it was not able to...

India creates 7,50,000 jobs in textile & garment industry

Unveiling an estimate, Ministry of Textiles (MoT), India has said that the country created over 7,50,000 jobs in textile and garment industry last...

Baraka Power buys Bela Fashions to venture into garmenting business

Bangladesh-based Baraka Power has acquired an export-oriented woven garment factory Bela Fashions to venture into garment business. The deal has been finalized by...

India’s Co-optex manages Rs. 315 crores sales in ’16-17

India-based Tamil Nadu Handloom Weavers′ Co-operative Society Ltd., popularly known as Co-optex, noted record sales of Rs. 315 crores during 2016-17 fiscal. It...

New centre in Sri Lanka to train youth for garment industry

A collaborative initiative between Security Force Headquarters-Mullaittivu (SFHQ-MLT) and the District Secretary for Mullaittivu and garment industrialists to establish a new garment factory...

Vietnam sees India as potential apparel supplier

“The clothing and textiles segments are overly dependent on raw material imports from China,” averred Nguyen Thi Tuyet Mai, Deputy General Secretary, Vietnam...

TATPL coming up with garmenting unit in Jharkhand (India)

Jharkhand (India)-based Thriveni Apparels and Textiles Private Limited (TATPL), which signed an MoU with the State Government to set up a garment manufacturing...

Huntsman merges with Clariant to form US $ 20 billion company

Cementing the merger deal, Clariant AG has announced to buy Huntsman Corporation for about US $ 6.4 billion in stock. The deal has...

PRGMEA seeks Rs. 60 billion support for garment industry

Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has urged Government of Pakistan to grant at least Rs. 60 billion for the garment...

Ethiopia puts China on top for FDI influx

“Ethiopia’s current focus is on industrialization and building competitive manufacturing industry and China is our top priority as a source of high-quality manufacturing...