Brexit—the exit of the UK from the EU—could benefit the UK textile and clothing industry
Brexit—the exit of the UK from the EU—could benefit the UK textile and clothing industry, according to a report* in the latest issue of Global Apparel Markets from the business information company Textiles Intelligence.
One consequence of the UK's decision to exit the EU has been a fall in the value of sterling and this has made UK textile and clothing exports more competitive in terms of price. At the same time, many UK retailers are considering sourcing more of their requirements from UK suppliers as the fall in the value of sterling has made imports more expensive.
Meanwhile, many foreign suppliers are diverting the focus of their export efforts to other markets as the UK market has become less profitable.
As long as sterling remains low, these trends are set to continue in the run up to Brexit—which is set for March 29, 2019—and beyond.
In the meantime, until there is further clarity regarding the terms of the UK's exit from the EU, the uncertainty surrounding Brexit while negotiations are ongoing will continue to cripple business investment decisions and harm business and consumer confidence.
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