Brexit could be a sort of blessing in disguise for the British textile industry. The exit of UK from the European Union has resulted in a depreciation of the value of the sterling. This in turn has rendered UK’s textile and garment exports much more competitive for the export market. In wake of this situation, textile retailers from UK are eager to source more of their raw material requirements from local markets. Another factor that has led to this change in sourcing pattern is that with the fall in the value of sterling imports have turned more expensive.

The accentuating factor for the trend is the depreciated value of the sterling. The trend is more encouraging for domestic markets as the UK has not signed any free trade agreements with the EU. This will imply that EU countries will not be able to dump their goods in the UK market at cheaper prices. Customs duties would pose a stiff barrier and UK’s domestic markets will be subject to less competition from imports. On the flip side, the UK has also to circumvent the problems posed by the denial of access to a single EU market.