In 2022, India-South Korea bilateral trade grew by 17 percent to $27.8 bn. India’s apparel exports to South Korea also increased by 51 percent. However, India’s exports of fabric and yarn decreased year-on-year in 2022. On the other hand, India’s fabric imports noticed an upward trend, while yarn imports from South Korea remained bearish in the last year. Interestingly, India exports fabric and yarn in higher value than apparel.
Apparel export to South Korea registered an impressive growth in 2022, reaching $59.451 mn from $39.002 mn in 2021. The shipment was recorded at $54.132 mn in 2018 which reduced to $49.749 mn in 2019 and $38.644 mn in 2020, as per data obtained from market report.
However, the outbound shipment of fabric and yarn from India to South Korea has noticed a declining trend in the last year. According to market report, India’s fabric exports to South Korea decreased to $131.948 mn in 2022 from $153.951 mn in 2021, noted at $122.001 mn in 2018. Although it gained to $121.295 mn in 2020 and $153.951 mn in 2021, the trade eased to $109.714 mn in 2019. India imports fabric from South Korea in limited quantity, with imports increasing to $37.135 mn in 2022 compared to $34.266 mn in 2021.
India’s yarn exports were worth $133.765 mn in 2022, lower than the shipment of $184.032 mn in 2021. The outbound shipment to South Korea peaked at $224.651 mn in 2018 but slipped to $172.342 mn in 2019 and $130.980 mn in 2020. However, yarn imports from South Korea increased post-COVID, jumping to $74.622 mn in 2021 from $36.793 mn in 2020. Yarn imports decreased to $65.652 mn in 2022, according to market report.
