Korea : Apparel Exports Down By 7.3 Per Cent

Ministry of Commerce, Industry and Energy said that exports of apparel items declined 7.3 percent in the first quarter from the same period last year.

The ministry said clothing exports totaled $665 million in the first quarter, ranking 13th in value among the nation's major export products.

The downturn, which has continued for three consecutive years, including a 15.6 percent drop in 2001, is attributable to the rapid growth of clothing manufacturing in developing countries with cheaper labor, like China, ministry officials said.

The clothing industry has actually been on the skids since 1989 when it marked a record $8.76 billion in exports.

Replaced by semiconductors as the top export item in 1992, clothing slid to eighth in the export ranking, behind automobiles, audio-video equipment and computers, among others, in 1995 and 1996.

Contrary to the export figures, apparel imports have maintained a gradual rise since 1984, marking a 34.3 percent year-on-year gain in the first quarter this year.