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

Gujarat (India) gets new trade body for garment industry

A new trade body – Association of Apparel Manufacturers and Exporters of Gujarat (AAMEG) – has been formed in Gujarat, India, to address...

Lectra reports strong FY 2016 results

The fiscal 2016 results of Lectra, the technology solution provider, indicated strong growth in operational income and revenues. Lectra’s revenues for fiscal 2016...

EFI reports drop in revenue

Electronics For Imaging Inc., a world leader in customer-focused digital printing innovation, has announced its financial results for the first quarter of current...

Netherlands to explore textile business prospects in Albania

The Netherlands is looking to explore new textile business opportunities in Albania that would boost ties between the two countries. A delegation from...

Trade unions avert industrial disaster in Bangladesh

Trade unions, operating in Bangladesh, claimed to have averted a big industrial disaster after they supported more than 3,000 workers who refused to...

Sri Lankan garment industry’s working conditions upsets MEP

"If the European Union consumers knew the extremely abusive working conditions of the women who produce the clothes they buy from Sri Lanka,...

Tanneries in Bangladesh shifting; workers await job assurance

Bangladesh Government is pushing tanneries to move from national capital’s (Dhaka) Hazaribagh area to the suburbs of Savar. As the process is still...

Apparel Resources interviews Puma India’s Apparel Sourcing Head

Shirish Srivastava, Country Manager – Apparel Sourcing (India) at Puma Global Sourcing, Bangalore an ex-Niftian, a lean manufacturing expert and a black belt...

China’s Kingdom Holdings Limited seeks trading partner in Vietnam

“We are looking for trading partners in Vietnam,” said Eric Sun, International Commercial Director, Kingdom Holdings Limited, China while talking...

US cotton exports forecast to grow 53% in 2016-17

US Department of Agriculture (USDA) has predicted that country may note growth in its cotton exports in 2016-17. With an increase of 53...