Cold is easy to dress for. Wet is not, because water reaches your skin through cuffs, collars and the base of a bag. Three decisions cover most of a wet-climate trip: how many dry layers you carry, whether the outer shell is truly waterproof or merely resistant, and where wet items go once you are indoors. Get those right and one bag is enough.
Dry layers beat clever fabric
Pack two complete dry sets rather than one clever set that dries fast. Drying rarely happens overnight in humid weather, and a single set means wearing damp clothes the next morning. Two light sets weigh less than one heavy one and remove the daily gamble entirely, which matters more than any fabric specification.
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Treat the shell as equipment rather than clothing. Check taped seams, a hood that adjusts, and cuffs that close tightly. A cheap shell that wets through in twenty minutes is heavier to carry than it looks, because everything under it becomes wet too. One good shell replaces two mediocre ones and a spare jumper.
A waterproof cover and a dry bag differ in purpose
Compare a pack cover against an internal dry bag. The cover protects the outside and fails in wind or when you set the bag down in a puddle; the internal bag keeps contents dry even if the pack soaks through. For a wet week, the internal liner is the better first purchase, with the cover as a second layer.
Practical move: pack one sealable bag for wet clothing and one for electronics. Wet gear goes straight into its own bag on returning indoors, so it stops sharing moisture with everything else. This one habit keeps the rest of a bag dry for a whole trip and costs almost nothing in space.
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Waterproof everything and you carry dead weight

Full waterproofing adds weight and often reduces breathability, which leaves you wet from the inside. In warm rain, a light windproof layer and quick-drying clothing work better than a heavy membrane. Match the kit to the temperature as well as the rainfall, and check whether the climate is wet-and-cold or wet-and-warm.
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