UK’s apparel exports jumped to $291.136 million in 2020 from $13.033 million in 2019 and were recorded at $10.151 million in 2018 and $11.235 million in 2017. On a quarterly basis, they declined to $52.063 million in Q1 2021 from $214.224 million in Q4 2020. Exports further slipped to $4.923 million in Q3 2022. The figure amounted to $9.054 million in Q2 2022, $19.661 million in Q1 2022, $21.447 million in Q4 2021, $28.804 million in Q3 2021 and $35.821 million in Q2 2021, according to Fibre2Fashion’s market insight tool TexPro.
UK’s imports of apparel from Israel improved slightly in 2021 after the agreement. However, the inbound shipment was negligible compared to exports. Basically, UK is an apparel exporting country for Israel. The imports rose to $7.629 million in 2021 from $5.491 million of 2020. They were at $5.804 million for the first nine months of this year, as per TexPro.
Apparel exports from UK to Israel did not get a boost even after the Trade and Partnership Agreement between the 2 countries came into effect on January 1, 2021. Exports had peaked in 2020 at $291.136 million but slipped to $138 million in 2021. Exports remained slow in the current year too, recording $33.639 million in the first nine months of 2022.
The Trade and Partnership Agreement between the United Kingdom and Israel (Goods) entered into force on January 1, 2021. With tariff liberalisation commitments already implemented, the UK maintains tariffs on 4.4 per cent of tariff lines while Israel maintains tariffs on 6.2 per cent. The agreement also incorporates provisions on government procurement, competition, environment and labour and establishes cooperation on other issues, the World Trade Organization (WTO) said in a press release.
The WTO members had considered five regional trade agreements (RTAs), including the UK-Israel agreement, at the November 14 meeting of the Committee on Regional Trade Agreements.
Israel said the UK was its sixth largest destination for exports and ninth largest source of imports in 2021, adding that both parties have launched further negotiations for a modern and comprehensive free trade agreement to include new areas not covered by the current agreement. The UK said Israel was one of its most important trading partners in the Middle East and its 39th largest trading partner globally. The UK said it looks forward to working closely with Israel to enhance their trading relationship.
Fibre2Fashion News Desk (KUL)
