UK: Increased interest in heritage UK manufacturing, the creativity of British fashion designers and the importance of the UK as a key apparel trading hub have reportedly led to surge in apparel and textile exports from the UK by 7 per cent from last year and 28 per cent increase since 2012.
However, there could be discontinuation from the trend ahead as the country extricates itself from its long-term membership of the EU.
Furthermore, Britain’s apparel and textile exports to the EU rose 36 per cent in the period from 2012 to 2016. However, the period also noted the rise in imports due to UK trade deficit increasing. Many UK fashion chains import yarn and some manmade materials from abroad, making them vulnerable to currency fluctuations. If they import from China or India, the cost of yarn and raw materials are US dollar denominated. This impacts the cost. Apart from rising costs, there is the potential impact on tariffs from a hard Brexit.