Korea : Textile Exports Likely to Recover Growth in 2003

The Korea Federation of Textile Industries (KOFOTI) said that the nation´s textile exports this year would total US$16.3 billion, up 3.6 percent from last year´s figure.

The federation predicted textile exports would slow in the first half of the year due in part to weakness in the world economy and cutthroat competition both among local companies and with developing countries. However, exports are set to recover in the second half in line with a projected turnaround in the world economy.

This year, raw material and yarn exports will expand 6 percent from 2002´s record thanks to high value-added products such as Spundex, while woven goods will post a 4.6 percent increase from last year based on cotton fabrics and knitting products.

Textile goods exports such as clothes would register just a 0.7 percent rise this year, weighed down by economic uncertainty in the United States and Japan.

Textile imports this year are expected to hit $6.2 billion, up 8.9 percent from 2002 because of continued imports of cheap clothes and the re-import of local textile products made overseas.

Meanwhile, the nation´s textile shipments in 2002 were estimated to reach $15.7 billion, down 1.6 percent from 2001, while its textile imports were expected to hit $5.7 billion, up 17.3 percent from 2001.