British clothing businesses have boosted the Government’s goal of reaching £1 trillion in UK exports by 2020, with clothing sector exports rising the fastest in 2013 and amounting to £5.2 billion.
With a rise of 16 per cent from the year before, UK clothing exports are helping many British fashion companies thrive internationally, as they find new markets eager to buy into British-made garments despite concerns over Sterling strength.
According to Alex Bennet, fashion business specialist at Smart Currency Business, the strength of Sterling should not put of UK fashion businesses looking to move into exporting, so long as they have a clear strategy:
“Businesses need to plan their currency-buying strategies thoughtfully in order to mitigate the risks associated with sterling strength. There is also a wealth of guidance out there to educate businesses on ways to streamline export processes in order to save money. The United Kingdom Fashion and Textile (UKFT) Association’s ‘Brits Around the World’ service in collaboration with United Kingdom Trade and Investment (UKTI) is a good place to start.”
Bennet adds: “If clothing companies take a proactive approach to exports, it will be interesting to see what 2014’s export statistics will bring.”