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South Korean President Yoon Suk Yeol recently said that his government will move to restore Japan’s preferential trade status as he is pushing to resolve historical and trade disputes, according to domestic media reports.
Japan's apparel imports from South Korea declined gradually from $74.856 million in 2018 to $38.271 million in 2022. The trade came down to $60.789 million in 2019, $48.942 million in 2020 and $45.638 million in 2021, as per data obtained from Fibre2Fashion's market insight tool TexPro.
The trade between the two countries also remained volatile regarding fabric imports. In 2018, Japan imported fabric worth $87.886 million from South Korea, which increased to $92.696 million in 2019 but then decreased to $67.245 million in 2020. In 2021, fabric imports from South Korea were $69.329 million, and in 2022, they were $77.928 million.
The negligible trade between the two nations indicates strained bilateral economic relations. In 2022, Japan imported apparel worth $24.953 billion, of which South Korea's share was just 0.15 per cent, placing South Korea at the 23rd position in Japan's top suppliers' list. However, South Korea's fabric supplies to Japan accounted for 7.25 per cent of Japan's total fabric imports in 2022, with a value of $77.928 million, maintaining South Korea's fourth position among fabric suppliers, as per TexPro.
Fibre2Fashion News Desk (KUL)