UK's textile industry continues to experience fluctuations in imports and exports, influenced by various factors, including economic conditions and global demand, according to the latest data released by the Office for National Statistics (ONS).
UK’s clothing imports declined by 11.51% in February 2023, reaching £1.294 billion ($1.62 billion).This is a significant drop from the £1.443 billion recorded during the same period in the previous year. The decline was also observed on a month-on-month basis, with January 2023 imports standing at £1.384 billion.
Despite the recent decrease, UK's clothing imports had experienced a surge in 2022, amounting to £21.256 billion ($25.86 billion), a 23.50% increase compared to the imports of £17.034 billion in 2021. However, it remains to be seen if this trend will continue in the coming months.
In addition to clothing, the UK's textile fabric imports also recorded a decline of 4.94% in February 2023, amounting to £462 million, down from £486 million in February 2022. These imports also experienced a month-on-month decline, with January 2023 imports at £469 million. ONS data shows that textile fabric imports reached £6.359 billion between January and December 2022.
Furthermore, the UK imported £39 million worth of textile fibres in February 2023, compared to £45 million during the same month in 2022. Textile fibre imports were also lower in January 2023, at £35 million. The total textile fibre imports for 2022 amounted to £545 million.
On the other hand, the UK's clothing exports decreased annually, reaching £3.931 billion in 2022 compared to £4.263 billion in 2021. In February 2023, the country exported clothing valued at £296 million, a decline from £323 million in February 2022 and £306 million in January 2023. Meanwhile, exports of textile fabrics and fibres were recorded at £2.716 billion and £616 million, respectively, in 2022.
The recent decline in clothing imports in February 2023 highlights the need for continued monitoring of the industry's performance to identify future trends and potential opportunities for growth.
By Fashionating World