Brexit

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BREXIT IMPACT

Find all the Brexit related latest news, happenings and updates here...

Brexit: British fashion industry braces up for tough times ahead

"Only seven months remain for the UK to formally exit the European Union, and the £28 billion fashion sector has to get three different looks ready for future-proof business. As per Richard Lim, Chief Executive of Retail Economics, the potential scenarios would include ‘Hard Brexit&... Read more

Post Brexit, UK to continue tariff-free access for B’desh goods

Simon McDonald, Permanent Under-Secretary of the UK’s Foreign and Commonwealth Office disclosed that post Brexit the UK would continue to provide tariff-free market access for Bangladeshi goods. This was announced during the UK-Bangladesh second Strategic Dialogue in London. The discussi... Read more

Prices for UK consumers may rise

As a member of the EU, the UK currently benefits from zero or low rate tariffs on various imports from trade deals that the EU has negotiated with countries. From the day after the UK leaves the EU, on March 30, 2019, it will no longer be covered by these international agreements, so imported g... Read more

Vivienne Westwood costs cutting strategy post Brexit

British top fashion's and most contradictory designers, Vivienne West wood reported a sales, for the year up December 31, 2016, increased 11 per cent, but margins were under pressure following challenges in the retail market and adding to its woes was the weak pound post Brexit. During the peri... Read more

Brexit to boost Indian textile exports

Brexit will provide Indian companies the opportunity to capture a substantial market share in the UK. The playing field will eventually even out among all major exporter nations. For India, the UK is a key market for textile and apparel products. Out of India’s total textile and apparel... Read more

Britain aims for interim customs with EU

Britain will propose setting up an interim customs agreement with the European Union after Brexit to allow the freest possible trade of goods. But it will also seek the right to negotiate other trade deals. One option to minimise friction when Britain leaves the bloc in March 2019 would be t... Read more

UK June exports down four per cent

UK’s export volumes fell 4.9 per cent in June, the biggest monthly fall since June 2016. Imports were up 1.5 per cent. Manufacturing also stagnated in the month and construction went backwards, adding to the impression of Britain losing momentum as the clock ticks towards Brexit in 2019. ... Read more

PIAF hails continued GSP-Plus status post-Brexit

Pakistan Industrial and Traders Associations Front (PIAF) has welcomed the continuation of GSP Plus status to Pakistan in UK beyond Brexit. The British High Commissioner to Pakistan, Richard Crowder has confirmed UK wants to maintain and strengthen access to UK markets for developing countries ... Read more

Brexit does not impact mood at London Textile Fair

London Textile Fair was held from July 19 to 20, 2017 and the ongoing uncertainty surrounding Brexit did not discourage buyers from turning up in full force. More than 470 exhibitors displayed textiles, accessories, print designs and vintage clothing for Autumn ’18 at the trade show. New... Read more

Brexit causes lower clothing imports in UK

As per the report UK clothing import market has been seriously disrupted after announcement of Brexit. Decision of the UK leaving the EU has resulted in decline of overall clothing imports by 10 per cent in the first quarter of 2017 from a year earlier. In a report by Emerging Textiles , there ... Read more

Euratex suggests measures to deal with Brexit

"Euratex, the European Apparel and Textile Confederation, recently said uncontrolled separation of the UK from the EU would have a very serious impact on industries on both sides, i.e. given comparably high import tariffs that would apply in the textiles and clothing sector. As per the Confeder... Read more

Brexit Affect: UK textile industry under threat

"Employing over 556,000 people, the UK textile industry is going to be impacted by Brexit. British manufacturers create products worth £9 billion a year, from Savile Row suits to highly technical fabrics used in sectors such as aerospace, the medical and the military. Falling value of Ste... Read more

Brexit may affect Pakistan’s trade with UK

Brexit can restructure trade between Pakistan and the UK, say experts. It can have an adverse impact on value-added exports, particularly in textile industry. Even though Pakistan typically exports low value-added products, a significant proportion of imports into the UK from Pakistan is likely... Read more

Brexit hurts British fashion brands

The Brexit decision is looming large over the UK and the EU, with a great deal of uncertainty around important factors such as trade agreements, EU funding, and the flow of people between Britain and the rest of Europe. Fashion and retail companies have seen solid sales since the decision. Ho... Read more

Brexit makes Bangladesh RMG exporters anxious

Bangladesh’s garment exporters are feeling the effects of Brexit. Shopping centers in the UK are threatening to squeeze suppliers out of their already thin profit margins. UK retailers are themselves in trouble. With the pound plunging a drastic 16 per cent post-Brexit, this has driven up... Read more

Brexit Effect:Next slashes apparel work orders from Bangladesh

As major British apparel retailer Next Plc slashed its work order volume, Bangladesh has already started feeling the pinch of Brexit, claims a senior official of a sourcing company. The UK is the third largest garment export destination for Bangladesh after the US and Germany. Next, is the la... Read more

Brexit to impact Cambodia garment exports

"Brexit is going to have an adverse impact on Cambodia’s garment export sector, the International Labor Organization (ILO) has warned. Though new duty-free access to the US will ease pressure on exporters for some time, Cambodia’s recent rise to lower-middle income status could also... Read more

Brexit uncertainty pushes up raw material costs

"With uncertainties prevailing around Brexit, British clothing retailer Next recently warned about a tough trading year ahead. Shares in Next slid 11 per cent on the news, dragging down stock values of clothing competitors Marks & Spencer and Associated British Foods, which owns budget garm... Read more

Needs of Wool industry must not be overlooked

According to British Wool Marketing Board chairman Ian Buchanan, the needs of the wool industry must be fully accounted for in the upcoming Brexit negotiations. He cautioned against a change in trading conditions that would impact on the export of wool. He confirmed that the recent weakening ... Read more

Bangladesh exports withstands Brexit fallout

Although the referendum to exit the European Union had sent major shocks for shipments from Bangladesh, Britain's almost certain exit from the European Union did not impact on Bangladesh's export receipts, according to last four months' trade data. There was concern after the referendum in the ... Read more

Africa wants benefits retained

Fashion goods from Africa currently benefit from tariff free access to the UK market as a part of the EU trade policy, which makes them significantly cheaper than products imported from Asia. African goods have a 12 per cent advantage over Chinese items. As China transitions towards higher valu... Read more

Fashion industry eyeing Brexit as an opportunity

"After confirming that Prime Minister Theresa will initiate Article 50 of the Lisbon Treaty by the end of March 2017, the Brexit impact will come into force by mid-2019. How would it impact the UK fashion industry, analyse fashion police. Everyone involved with the industry is looking at this s... Read more

Trade asks British govt. to take swift action in Brexit matter

Traders in the United Kingdom have requested their government to take immediate action on Brexit as they say that there was a danger of it going out of control and paralysing the British industry. That would deal a devastating blow to the economy. They have also asked ministers to protect thous... Read more

Clothing prices may rise in UK post Brexit

The cost of clothing in the UK could rise post Brexit. Shoppers have already seen clothing prices increase by 0.1 per cent in September 2016 as the falling value of the sterling makes imports more expensive. Many UK fashion chains import yarn and some manmade materials from abroad, making them ... Read more

Brexit will have negative implications on UK’s textile, apparel imports

Brexit did send shock waves to the entire world. However, it will only happen when the UK government triggers Article 50 of the Lisbon Treaty and formally begins its withdrawal from the EU. As per Article 50, UK has to enter into fresh negotiations with member states about the terms of its depa... Read more

Brexit to hit UK clothing suppliers the most

Suppliers of clothing who benefit from duty-free access to the UK might suffer due to Brexit unless special terms of access are negotiated, says a Textiles Intelligence report. It said suppliers in major clothing exporting countries like Bangladesh could be excluded from preferential access to ... Read more

Brexit worries among fashion designers in Britain

The Brexit vote has fashion designers, including some Chinese designers based in Britain, worried about the future of the sector. The designers are established brands, with many employees, and exporting to Europe, China and America. However, their greatest fear is of the UK leaving the European... Read more

US, Britain relations post Brexit to realign global businesses and policies

"The US opinion on Brexit and its impact and interests of US with United Kingdom and Europe , will soon be clear as the Senate Foreign Relations Committee is expected to hold a hearing with the Obama Administration. However, as the Obama administration will soon leave office, the hearing may no... Read more

British fashion and retail worried about post-Brexit scenario

The apparel industry in Britain is worried about the impact of Brexit. For now retail sales continue to be strong and consumer spending at home is high. British brands continue to perform well in export markets and London is still home to the best talent in the global fashion industry. Also r... Read more

Post-Brexit Bangladesh should look for new export markets

"The post-Brexit Bangladesh economy will face a low export growth due to subdued demand especially for RMG caused by weaker currencies in the UK and the EU zones. Negotiations are taking place but British dream of comprehensive free trade with Commonwealth would be much farther away and far les... Read more

Brexit could be pushed to late 2019 as more time needed to prepare

Though Britishers have voted for an exit from the European Union the actual process could be delayed till late 2019. This us because the government is too chaotic to start the two-year process early next year, it has been reported. Views differ over when it should invoke Article 50 which sets t... Read more

Pakistan needs to brace for the challenges post Brexit

"With Britain breaking away from the European Union – in the now famous Brexit – Pakistan may face serious implications. Britain has had a great importance for Pakistan’s economy, trade and commerce as well as for Pakistani expatriates. In fact, the UK is the third largest home to Pakistani dia... Read more

Brexit could negatively impact Turkey’s textiles, RMG trade with UK

"The UK shook the world with Brexit vote as the country is the fifth largest economy of the global market and second in the EU after Germany. Brexit will not only result in crucial changes for the UK and its economy but also for the whole region. The leaving process is expected to take 2-3 year... Read more

Brexit likely to hit Mauritius apparel exports

With the UK’s decision to exit Europe’s common market, Mauritius apparel export earnings is likely to be hit by about a 10 per cent, in line with the rupee’s appreciation against the pound. Britain remains the largest buyer of Mauritian goods within the EU, accounting for 18 percent of total ex... Read more

Pure London shows Brexit yet to affect business

UK fashion tradeshow Pure London was held July 24 to 26, 2016. Over 700 brands showcased their collections. The number of brands from abroad and the variety of brands on show was one of the striking things about Pure, and this year there were a number of Swedish brands. WeSC was at Pure for th... Read more

Post Brexit, TTIP to provide greater compatibility, transparency

"The initial shock of Brexit is still sinking in across the world. Indeed, the ‘for’ campaigners are exulting as they see the referendum as a sort of reform to save the UK from an unstable EU grappling with migration, security and financial stability issues. Whether they like it or not, the fac... Read more

Brexit is an opportunity for Lankan apparel exporters

Sri Lanka's apparel exporters say Brexit might result in a level playing field as other exporting countries which currently enjoy duty-free access to the United Kingdom (UK) under GSP will also lose the facility when London walks out of the 28-nation bloc. While Bangladesh has GSP Plus which gi... Read more

Post Brexit India to negotiate trade pact with UK

According to Commerce and industry minister Nirmala Sitharaman, Britain wants informal talks on a likely trade pact with India to continue until its exit process with the EU is over. She said the export slowdown has bottomed out, and her ministry is in regular talks with the finance ministry to... Read more

Brexit gloom for UK retailers

Bexit is already impacting the high street. According to the figures released by accountancy firm BDO reveal a 3.6 per cent decline in year-on-year sales in June - the worst in more than a decade. The fashion sector experienced its second lowest monthly figure so far this year, as sales fell ... Read more

Brexit’s impact on UK and European fashion industry

"The fashion industry directly contributed £28 billion to the UK’s economy in 2015 and employed 880,000 from manufacturing to retail. The impact of Brexit on the fashion industry is multi-leveled. Post Brexit, there will be an immediate hit on costs and margins for many British designers and st... Read more

Risks from Brexit more than perceived, says Assocham

Industry and trade association Assocham has warned that the risks to global economy and its spin off to India from Brexit are emerging out to be much larger than initially perceived. In a status paper, Assocham said, the risks make it imperative for the government to heighten watch on unfolding... Read more

Brexit makes Tirupur wary, want FTA with EU, UK

Garment and knitwear exporters in Tirupur are pitching for a free trade agreement with the EU. They also want a separate trade pact with Britain after it voted to leave the EU. Europe makes up 46 per cent of Tirupur’s apparel exports, of which Britain's share is 40 per cent. A free trade agre... Read more

A weak pound is expected to benefit UK wool industry

After Brexit, economists predict some major economic consequences. According to them, a weak pound will benefit wool exports. Paul S Hughes, Director at Standard Wool UK, ‘the weak sterling, should in the short to medium term, assist carpet manufactures and spinners with operations here in the ... Read more

Bangladeshi garment makers face price cuts after Brexit

British buyers of Bangladeshi garment products have started putting price pressure on manufacturers following the freefall of pound sterling as a result of Brexit. The pound sterling sank as low as $1.35 - its lowest rate against the dollar since September 1985 - before recovering to $1.37. It ... Read more

Major countries may lose interest in EU

Major worldwide markets such as the US, China, Japan, India, Canada, Australia and New Zealand are likely to lose interest in the EU, if the full exit of UK from the EU goes ahead. The loss of interest by major markets will be because very few of the people in these countries know any European ... Read more

Brexit will have minimal effect on India’s fibre, yarn exports to UK

The exit of Great Britain from the European Union after a referendum will have marginal impact on the export of India’s fibres and yarns to that destination as it is now emerges to be a big buyer. While the entire West Europe accounted for less than 7 per cent of the total fibre and yarn export... Read more

Brexit Effect: US apparel stocks see short term dip

"Brexit decision sent stocks tumbling the next day. It led to a fall of 3.6 per cent in the S&P 500 and a drop of 3.4 per cent in the Dow Jones index on June 24. The S&P 500 Apparel and Accessories Index, which is a seven-company index based on Ralph Lauren, Hanesbrands, VF, Coach, PVH,... Read more

Cambodia not to feel the tremors of Brexit anytime soon

According to Kaing Monika, Deputy Secretary General of the Garment Manufacturers Association in Cambodia (GMAC), the country will not feel the direct impact of Brexit for the time being, despite the United Kingdom being one of the main destinations for the country’s garment exports. The Europ... Read more

Brexit, a nightmare for the Caribbean

"The 12 Caribbean countries will have no structured trade relationship with Britain, once it finally leaves the EU. When Britain joined what was then the European Economic Community in 1973, it transferred all authority for its trade agreements to the community. Ever since then the formal trade... Read more

Bangladesh knitwear exports to EU countries face setback

"Sluggish demand, devaluation of currencies to blame. Bangladesh's knitwear exports to a number of European Union (EU) member-countries and some other non-traditional markets have been facing a setback in recent times. Exporters and experts have attributed this to a sluggish demand, c... Read more

Brexit puts Pakistan in a spot

Pakistan’s exports to United Kingdom increased by 32.6 per cent from 2012 to 2014. UK exports to Pakistan fell by 19 per cent from 2012 to 2014. Pakistan's main exports to the UK are bed linen, textile knitted or crocheted materials, toilet and kitchen linen rice, semi-milled or wholly milled... Read more

Global impact of Brexit on apparel, textile

"According to economists, post Brexit, the British pound is expected to continue tumbling, quickly leading to higher prices. Businesses worried about the impact of Brexit will at best delay investments – and at worst, start moving jobs elsewhere. Even Brexit's strongest advocates have admitted ... Read more

Brexit will be terrible for African economies

"Some saw Brexit as an opportunity to rethink the EU style laws that are taking hold in South Africa, especially around health and safety. Some of South Africa’s largest companies that are dual listed in Johannesburg and London are feeling the pain of Brexit. Over the years firms with Johannesb... Read more

Brexit, no significant impact on Vietnam’s trade ties with UK

Vietnam’s stock market reacted immediately to Britain's vote to leave the European Union, but industry insiders believe immediate Brexit impacts on the market as well as the bilateral trade ties between the two countries are unlikely. However, in terms of bilateral trade ties between Vietnam ... Read more

Brexit’s immediate impact on Malaysians

A weaker ringgit will be the immediate impact to Malaysia from Brexit, which fell steadily against the US dollar at a pace last seen in the Asian financial crisis of 1997/1998 by midday yesterday as investors dumped riskier assets in emerging markets for so-called safe-haven assets such as US t... Read more

‘Brexit to hit leather exports by 10%’, chairman, Council for Leather Exports

Britain's exit from the European Union, that has led to a 10% drop in the value of the pound, could lead to the leather export industry suffering over 10% reduction in value. Rafeeque Ahmed, chairman, Council for Leather Exports, reportedly said, “With UK being the second largest exporter fro... Read more

Pakistan’s ailing textile sector may suffer further due to Brexit

According to experts, Brexit will hit the Pakistan textile sector the most. However, the negative impact emanating from the Brexit will be comparatively less for Pakistan’s economy as it is relatively insulated from global markets. This is because Pakistan’s exports are only 7 per cent of the c... Read more

Brexit’s impact on fashion brands and shoppers

Members of the fashion industry took to social media to voice their opinions on the outcome of Brexit - overwhelmingly, disappointment. I’ve never been so unproud to be British, Katie Grand, the editor in chief of Love magazine, wrote on Instagram. Fear has been the common motivator on both s... Read more

Impact on orders placed, Indian textile and handicrafts exporters concerned

Even though the Government of India and economists are saying that India is all prepared to deal with the short term and medium term impacts of Britain’s exit from European Union (EU), the exporters such as textile and handicrafts, are deeply concerned about the impact on the export orders alre... Read more

Brexit: Sri Lanka may face negative consequences across the board

In the wake of Britain’s exit from the European Union {EU}, Sri Lanka would face negative consequences across the board in many areas, according to the country’s economists and exporters. Said Head of the Department of Economics, Faculty of Arts of the University of Colombo, Prof. Ven Bellanv... Read more

Bangladesh may get a hit if uncertainty persists further

As Britons voted to leave the European Union, Bangladesh runs the risk of losing duty benefits on its annual exports of more than $3 billion to the UK. Apart from exports to the UK, remittance income from the European country may come under strain as an impact of its departure from the EU. In... Read more

Indian garment exporters are worried due to Brexit

"But the textile industry hopes Brexit could mean India emerging as a stronger political and trade partner for the UK, thereby expediting work on FTA. Garment exporters in Tirupur are worried as UK decided to exit from EU. For India’s readymade garments (RMG) exports, EU is a major destination.... Read more

Brexit sends shockwaves, not least for fashion industry

"The outcome may see Britain embark on at least two years of complicated divorce proceedings with the EU, raising questions over London’s role as a global financial capital and putting huge pressure on its Prime Minister David Cameron to resign. Friday morning, Europe woke up to the news that m... Read more

Brexit may hit Bangladesh RMG exports

UK’s possible exit from the European Union may put a negative impact on the Bangladeshi exports to the UK, which is the third largest export destination for Bangladesh products, fear economists and exporters. With Britain set to vote on June 23 in a referendum to decide whether they should leav... Read more

Brexit Affect: Global textiles, apparel industry to feel the heat

Uncertainty over Britain’s continuation in EU has hit a third of businesses in the UK’s manufacturing sector, which barely scraped growth in May, says a recent study. Foreign demand for goods from British factories fell for a fifth month as firms reported customers were unwilling to commit to i... Read more

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