According to a report released by the Institute of Industrial Economics and Trade (KIET) entitled "Korea's textile industry responds to changing China's industrial environment and strategy," the Korean textile industry's market share in China dropped from 20% in 2000 to 2009. 12.8%, ranking third, after Japan and Taiwan.
The report explained: "In the 1990s, Taiwan, Japan, Hong Kong, and South Korea accounted for most of the Chinese textile market. However, except for Hong Kong, the market shares of the other three countries and regions all showed a downward trend in the 2000s."
In 2006, Korean textile exports to China accounted for 21.6% of total exports, but fell to 19.6% last year. The direct investment in the textile industry in China dropped from 278 million U.S. dollars in 2005 to 61 million U.S. dollars last year.
The Industrial Research Institute also predicts that “China is the largest market for Korean textile exports, and it is also the market with the highest rate of return on investment. However, as more global companies enter China, the competition will become more intense and it will be difficult for Korean textile companies to ensure market share. Bigger."
The Industrial Research Institute also pointed out that China is rapidly improving its product quality and quickly catching up with South Korean companies. Therefore, it is more necessary for South Korean companies to develop high value-added products in order to survive tough times for survival.
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