In 2020, South Korea’s apparel imports from Vietnam had decline by around 15 per cent to $3.065 billion as normal life and economic activities were badly hit due to COVID-19. But the value of imports bounced back to $3.294 billion in 2021, according to Fibre2Fashion’s market insight tool TexPro.
On a monthly basis, South Korea’s apparel imports from Vietnam remained volatile in recent months. They increased to $486.928 million in September from $194.563 million in June 2022. But the shipment slowed down to $237.695 million in November 2022.
On a quarterly basis, the imports increased to $1,261.045 million in Q3, 2022 against $683.373 million in Q2, 2022, and $873.110 million in Q1, 2022.
Vietnam is a very important supplier of apparels for South Korea. The import from Vietnam was 30.99 per cent out of South Korea’s total apparel import of $11.266 billion during the first eleven months of last year, as per TexPro. China remained on the top in suppliers’ list with a share of 33.14 per cent. If Vietnam successfully keeps on increasing its supplies to South Korea, it may soon take over China as the largest supplier of clothing to the country.
ALCHEMPro News Desk (KUL)
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