South Korea

South Korean textile and clothing imports topped US$14 billion last year, according to the Korea International Trade Association, representing a 8.4% year-on-year increase and an all-time high. Conversely, exports actually dropped by 0.1% year-on-year, bringing the industry’s trade surplus to a record low US$1.28 billion. The country’s trade surplus has been in a constant state of decline since about 1998, when it reached a high of US$14.04 billion. (Fibre2Fashion)