Korean Textile Exports Will Hit A 10 Year High In 2011.

A think-tank in South Korea reported that the export of Korean textiles in 2011 is expected to reach a new high of 10 years, mainly due to the steady increase in demand for fabrics and clothing in overseas markets.

The International Trade Research Institute (IIT) said that overseas exports of textiles, fabrics and clothing this year increased by 14.5% over the previous year, to 15 billion 900 million US dollars.

In the first half of this year, exports grew by 22.2% over the same period last year, reaching US $8 billion.

In 2001, it exported US $16 billion 100 million, the highest export scale in the past 10 years. This forecast is based on the 2001 export.

South Korea exported a record high in 2000, amounting to $18 billion 800 million.

IIT senior researcher Park Gi-im said: "the expected growth is mainly due to the revival of fabric demand, fabric accounts for the bulk of exports, while the global economy is steadily recovering.

The free trade agreement signed with the EU will come into effect this month, which will also expand the order for raw material textiles. "

Textiles are expected to be one of the beneficiaries of the EU free trade agreement, because many EU countries maintain high tariffs. He said that increasing demand for non apparel textiles, especially in the industrial sector, is increasing demand for added value products.

"Textiles are now widely used in automobiles, ships, electronics and various metal products industries," she said.

She said that this trend has triggered new investments by foreign companies, and has prompted the Korean government to increase its support for the overall textile industry.