South Korea’s textile raw material exports reach US$100 million
According to statistics, in 2011, South Korea’s textile raw material exports reached US$5 billion, a year-on-year increase of 15.9%. This is the second time since 2010 that South Korea’s exports of textile raw materials have maintained growth at a double-digit rate. According to the latest forecast data released by South Korea’s Ministry of Knowledge Economy, South Korea’s exports of fiber textile fabrics are expected to increase by 7.1% in 2012 compared with 2011, reaching approximately US$5.4 billion.
According to statistics, in 2010 and 2011, South Korea’s exports of textile raw materials to China reached US$1 billion and US$1.2 billion respectively, while imports were US$1.4 billion and US$1.6 billion respectively. The fact that exports to China are lower than imports has aroused great concern among Korean industry insiders. In the next few years, South Korea may further follow up and participate in the production cooperation of Chinese fiber and textile enterprises.
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