South Korea’s fashion industry to grow 3.3% in 2017

The South Korean fashion industry is expected to grow by 3.3 per cent over the previous year, in 2017. The size of the South Korean fashion market is forecast to touch 39.3 trillion won or $34.3 billion in 2017 as against 38.3 trillion won in 2016. The optimism comes from many South Korean apparel manufacturers putting efforts to enlarge their footprint.

According to a report from the Samsung Fashion Institute, 2017 will be the fourth consecutive year of growth, although in single digits for the fashion industry, but which had expanded 11.8 per cent in 2011.

Quoting figures from the Korea International Trade Association, a South Korean news agency informed that exports of clothing from South Korea totalled $1.89 billion, while imports reached $8.33 billion, resulting in a wide trade deficit in the sector.