Analysis of the impact of Brexit on my country’s textile and clothing exports
At 6:00 local time on the 24th, the British referendum campaign to leave the European Union won more than 16.8 million votes, establishing a final victory. The British referendum chose to leave the European Union. As of 6 o’clock, only 8 of the 328 constituencies were left for the final count. However, the Brexit camp had won more than half of the 16.8 million votes, surpassing the Remain camp by 1.2 million votes. It had won the referendum. The final result of the British referendum. To leave the EU.
The UK’s withdrawal from the EU will have a huge impact on the economy, trade, personnel exchanges and bilateral relations between the UK and the EU. It means that the UK needs to renegotiate economic and trade contracts with EU member states. The UK will lose its EU membership and exit the customs union and single market. Brexit will undoubtedly weaken London’s status as a financial center and trigger a shift of funds to safe-haven assets such as the U.S. dollar and gold. If the pound and the euro fall rapidly and the European market is turbulent, Brexit will have a significant impact on my country’s textile and apparel exports. The market is worried about greater fluctuations in exports to the EU, especially the British market. Now we might as well take a look at the latest export trends and analysis of the impact on the market outlook.
The status of China’s textile and clothing exports to the UK
From the perspective of exporting countries and regions, according to customs data, my country’s textile and apparel exports to the UK in 2011 were US$7.756 billion, a year-on-year increase of 16.73%, accounting for 3.13% of the export market share, ranking fifth in the export list.
In the first four months of this year, my country’s textile and apparel exports to the UK were US$3.161 billion, a year-on-year increase of 0.91%. The growth rate has declined significantly, but its share of the export market has increased, reaching 4.08%, still ranking fifth in the export list. It is not difficult to see from this that China’s textile and apparel exports to the UK account for a large proportion, ranking among the top five, and are a relatively important trading partner. If the UK leaves the EU, it will trigger market turmoil and increase export risks, which will have a direct impact on my country’s textile and apparel exports.
China’s textile and clothing exports to the EU
In the first four months of this year, my country’s textile and apparel exports to the EU were US$13.25 billion, a year-on-year decrease of 5.15%, and the growth rate declined significantly. It accounted for 17.10% of the export market share, ranking third in the export list (exports to Asia ranked first, accounting for 47.41%). %, ranking second in exports to North America, accounting for 17.11%).
It can be seen that in recent years, due to the active political and economic and trade relations between China and the UK, the proportion of my country’s textile and clothing exports to the UK has increased. However, in recent years, dragged down by the European debt crisis, the EU’s overall economy has been sluggish, and market consumption has been weak. my country’s textile and apparel exports to the EU have declined significantly, and their proportion has dropped significantly, but they still occupy a very important export position. If the UK leaves the EU, market instability will surge, which will affect my country’s textile and apparel exports to the UK and the EU, and relevant export companies need to be vigilant.
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