South Korea's apparel imports slip 3.3% to $1.24 bn in Aug 2024

01 Oct '24

2 min read

South Korea's apparel imports slip 3.3% to $1.24 bn in Aug 2024

Pic: Adobe Stock

Insights

South Korea's apparel imports totalled $1.245 billion in August 2024, a 3.33 per cent decline year-on-year but a 22.05 per cent rise month-on-month.
Imports of knitted and non-knitted apparel amounted to $516.533 million and $728.598 million, respectively.
Total apparel imports for January-August reached $7.797 billion.
It also exported man-made filaments and knitted fabrics during this period.

South Korea’s apparel imports reached $1,245.131 million in August 2024, which was 3.33 per cent lower than the imports of $1,288.378 million in the corresponding period of the previous year. According to the latest figures released by the Korea Customs Service, the country imported apparel worth $1,020.319 million in July 2024. Therefore, inbound trade surged by 22.05 per cent on a month-on-month basis.

The country imported knitted apparel and clothing accessories (Chapter 61) worth $516.533 million in August 2024, compared to $505.989 million during the same period last year. The inbound shipment of non-knitted apparel and clothing accessories (Chapter 62) was valued at $728.598 million in August 2024, lower than the imports of $782.385 million recorded in August 2023. South Korea’s imports were $445.148 million (Chapter 61) and $575.171 million (Chapter 62) in July 2024.

South Korea’s apparel imports totalled $7.797 billion during the period from January to August 2024, with imports under Chapter 61 accounting for $3.262 billion and Chapter 62 for $4.534 billion. The country imported apparel worth $11.991 billion during 2023, with imports under Chapter 61 at $4.842 billion and Chapter 62 at $7.149 billion.

The country typically exports fabrics and textile materials and imports ready-made garments. In August 2024, it exported man-made filaments, strips, and similar materials of man-made textiles (Chapter 54) worth $133.414 million, and knitted or crocheted fabric (Chapter 60) worth $128.843 million. The export values in August 2023 were $156.694 million for Chapter 54 and $114.031 million for Chapter 60. In July 2024, the trade values were $170.859 million and $142.276 million, respectively.

During January to August 2024, exports under Chapter 54 amounted to $1,339.569 million, and those under Chapter 60 to $1,166.472 million. In 2023, South Korea’s exports under Chapter 54 were recorded at $2,107.283 million, and under Chapter 60 at $1,788.741 million.

Fibre2Fashion News Desk (KUL)

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