South Korea's apparel imports gain 5% to $907 mn in Nov 2024 - Textile Fashion News SBS Zipper

South Korea's apparel imports gain 5% to $907 mn in Nov 2024 Pic: Adobe Stock

Insights

  • In November 2024, South Korea's apparel imports rose to $907.518 million, marking a 5.22 per cent increase year-on-year, despite a sharp 32.16 per cent decline from October.
  • Over the year, total imports amounted to $11.430 billion, with significant contributions from both knitted and non-knitted apparel.
  • The country also maintained robust exports of textile materials.
South Korea's apparel imports reached $907.518 million in November 2024, marking a 5.22 per cent increase from $862.617 million in the same period of the previous year. On a month-on-month basis, apparel imports saw a steep fall of 32.16 per cent compared to inbound trade of $1,337.423 million in October 2024, according to the latest figures released by the Korea Customs Service.

In November 2024, South Korea imported knitted apparel and clothing accessories (Chapter 61) valued at $367.416 million, compared to $353.310 million during the same month in 2023. The import value of non-knitted apparel and clothing accessories (Chapter 62) was $540.102 million in November 2024, up from $509.307 million in November 2023. In October 2024, the country's imports amounted to $500.456 million (Chapter 61) and $836.967 million (Chapter 62).

In November 2024, South Korea's apparel imports rose to $907.518 million, marking a 5.22 per cent increase year-on-year, despite a sharp 32.16 per cent decline from October. Over the year, total imports amounted to $11.430 billion, with significant contributions from both knitted and non-knitted apparel. The country also maintained robust exports of textile materials.

From January to November 2024, South Korea's total apparel imports amounted to $11.430 billion, with Chapter 61 items accounting for $4.680 billion and Chapter 62 items for $6.750 billion. For the full year of 2023, the country imported apparel worth $11.991 billion, with Chapter 61 imports at $4.842 billion and Chapter 62 imports at $7.149 billion.

South Korea typically exports fabrics and textile materials while importing ready-made garments. In November 2024, the country exported man-made filaments, strips, and similar materials of man-made textiles (Chapter 54) worth $174.240 million and knitted or crocheted fabrics (Chapter 60) worth $147.504 million. In November 2023, these exports were valued at $182.331 million for Chapter 54 and $153.277 million for Chapter 60. In October 2024, the export values were $159.960 million and $135.890 million, respectively.

During January to November 2024, South Korea's exports under Chapter 54 reached $1,818.838 million, while exports under Chapter 60 totalled $1,573.771 million. In 2023, exports under Chapter 54 amounted to $2,107.283 million, and under Chapter 60 to $1,788.741 million.

SBS Zipper News Desk (KUL)

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