Shipments to the UK saw a 5% increase in June despite the overall decline in textile exports. The UK’s store and online clothes sale provide textile exporters some cause for optimism.
According to Wazir Advisors, UK apparel imports in June 2023 totaled $1.9 billion, a 5% increase over June 2022. India’s percentage of imports into the UK has risen over time, from 5% in 2021 to 6% in 2022 to 7% from January to June of 2023. However, compared to the same period last year, imports in 2023 are 14% lower than in 2022. China’s market share in the UK apparel sector has dropped by 6% since 2021, which area of growth for India.
UK clothing store sales during the month of July 2023 totaled 3.7 billion pounds, a 3% increase over July 2022. The sales were 9% higher than in 2022 on a YTD basis. Online sales of clothes increased by 10% in Q2 2023 compared to Q2 2022. Online sales increased by 13% in the first quarter, from 3 billion to 3.4 billion pounds, and by 10% in the second, from 4 billion to 4.4 billion pounds.
The predicted value of India’s garment exports in July 2023, however, was $1.1 billion, or 21% less than in July 2022. Exports were 15% lower than in 2022 on a YTD basis.
Lower offtake has been observed in the majority of other markets, including the US and UAE. Since 2021, the US’s proportion of India’s garment exports has climbed by 3% while the UAE’s part has declined by 6%.
