As we have seen, 2015 saw fashion and textiles exports from the UK reach over £10bn in value for the first time. However, as we have seen with products, the picture is also mixed amongst global regions that all point to different trajectories of growth.
The European market remains the largest for UK exporters, with figures indicating there was a slight growth in export value to be worth £7.3bn in 2015. This is encouraging in recent years given the economic situation within many of the Eurozone countries and indicates higher value fashion and textiles goods continue to be popular amongst European consumers.
However, the largest growth came from Asia and Oceania where over £1bn of fashion and textiles goods were exported in 2015. These were up 16.4 percent on 2014 with a number of emerging markets within specific countries performing very strongly.
Indicating, how the improving economic sentiment in the United States is feeding into the market, North American exports increased 14.1 percent in 2015. It will be interesting to see if this has continued into the early part of 2016 with the steep fall of sterling against the dollar.
The most dramatic picture for 2015 has been the collapse of sales to Eastern Europe, mainly due to the decline in exports to Russia which saw the value of UK fashion and textiles goods halve in 2015, continuing a sentiment that began in 2014 and continued throughout 2015.
Table 1: Fashion and textiles exports from the UK in 2015 by global regionSource: HMRC using SITC 61, 65, 84 & 85
For further insight and breakdown of these figures to help your organisational or company needs, please feel free to contact me with your requirements. Figures can be disaggregated to a high level of detail by specific country.