14.5% growth in South Korean Textile exports

  Overseas exports of textiles, fabrics and clothing are expected to jump 14.5 percent on-year to US$15.9 billion this year. In the first half of this year, exports jumped 22.2 percent on-year to $8 billion. The expected gain is mainly due to the revival of demand for fabrics that make up the bulk of exports and a steady global economic recovery. The free trade agreement (FTA) with the European Union (EU) that went into effect this month can also boost orders for raw textile materials.
   Textiles are expected to be one of the beneficiaries of the EU FTA because many European countries maintained high tariff rates. adding non-clothing demand for textiles, particularly in the industrial sector, is helping fuel demand for value-added products.