LONDON--(BUSINESS WIRE)--Many small countries in Asia are grabbing a bigger share of the global textile and apparel market thanks to their value-added apparel production and export-oriented industrial transformation. Details about the thriving textile and apparel industries in South Korea, Malaysia and Thailand are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe, including nearly 35,000 companies from the fabrics and textiles industry.
South Korean fashion industry driven by younger generation
The South Korean fashion market is expected to rise from approximately USD 33.5 billion in 2016 to USD 34.4 billion in 2017, growing at a rate of 3.3%, significantly lower compared to 2011’s 11.8%. But the lower growth rate did not affect the country’s position as one of the top fashion markets in the world, as the industry is flourished by a generation of young designers.
South Korea’s fashion market is growing, both in terms of cheap, fast fashion and expensive luxury clothing. While the country’s fashion market may currently be facing a slowdown, its strong culture and innovative young fashion designers mean that it will be a major player in the industry for years to come.
Malaysia’s textile and apparel industry continues its strong growth
Another strong year of growth is expected in Malaysia’s export-oriented textile and apparel industry. Malaysia’s textile and apparel exports increased 10% from the same period in the previous year to RM 6.99 billion (USD 1.7 billion) in the first half of 2016.
Currently, the US, Japan, China, Singapore and Turkey are Malaysia’s top five export destinations. The US remains the largest export market for Malaysian textiles products, accounting for over 18% of the industry’s total textile and apparel exports every year.
Thailand’s textile and apparel industry showing big potential
Thailand is one of the world’s largest producers for fabric, sportswear, kidswear, womenswear and casualwear. The country is also a world-renowned silk producer and spin twist yarn producer. The exports of Thailand’s textile and apparel industry reached USD 7.52 billion in 2014.
Despite the industrial challenges of lacking domestic demand and raw material, Thailand’s textile and apparel industry is still expected to remain strong, thanks to the new policies issued by its government and the ongoing transformation into high-tech garments market.
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