A new study by Walpole has shown that luxury goods exports from the EU to the United Kingdom were an average of 43 percent lower than they could have been without Brexit. According to the ‘Trading with Europe’ report, the fashion and accessories sector is most affected by the Brexit-related trade impairments, with a decline in exports to the EU by 64 percent.
In contrast, exports in markets outside the EU have almost recovered to the level before pandemic, as Walpole found. However, the EU is still the largest export market of the United Kingdom for luxury goods and made up 32 percent of luxury goods exports in 2022. In comparison, 22 percent of the United States and Asia and 14 percent of the Gulf States.
In an explanation, the Chief Executive Officer (CEO) from Walpole, Brocklebank: “The British luxury sector has an incredible growth potential and is expected to achieve £ 125 billion by 2028 [Walpoles Bericht ‘Luxury in the Making 2024’, Anm. d. Red.]. In order to achieve this goal, however, we must not afford to be tied up on the back with one hand. Strong connections and an advantageous trade in Europe are still essential to achieve this forecast together with our success in other global markets, and are the key to supporting the craftsmanship and high -quality production in the United Kingdom. ”
According to Walpole, companies in the British luxury sector are faced with considerable challenges after Brexit, including delays in exports, new certification requirements and customs law complexities. Refunds, VAT payments and inconsistent enforcement have also shown obstacles, which caused some losses to absorb some losses and experience surgical uncertainty.
Walpoles therefore call for the British government to initiate a number of strategies, including the introduction of a new digital labeling system, accession to the Pan-Euro-Mediterranean Convention on the original rules, the securing of a UK-EU Sanitary and Phytosanitary Agreement and the merger of freight companies, to create consistency in trade rules.
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