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Korean textile industry reorganizing to face competition

The Korean textile industry is reorganising its industrial structure with the aim to promote high value added market, such as high performance textiles and fabrics for the high tech industry. The Korean fabric technological level has increased from 75 per cent in 2010 to 79 per cent in 2015. The figure will slightly improve to 85 per cent in 2020. Meanwhile China has steadily seen technological growth in the fabric industry rise from 55 per cent in 2010 to 65 per cent in 2015 aiming to touch 75 per cent in 2020.

Accordingly, the technical gap between Korea and China will be halved in a decade from 20 per cent in 2010 to 10 per cent in 2020. The figure between Japan and Korea will also decrease from 25 per cent in 2010 to 15 per cent in 2020. China’s share in the global textile market as of 2013 was 37.9 per cent, while that of Korea and Japan stood at 2.2 per cent and 1.2 per cent.

Korea has a high percentage of clothing in production and most of them are being supplied to the domestic market with middle and high prices while those for exports are low and middle priced products.