British luxury exports continue to grow says Lloyds/IHS Markit index
today Dec 2, 2019
Times may be tough in the UK, but the luxury sector is continuing to expand with exports rising, a new study shows.
While Brexit could cause some disruption in the months ahead, for now, British luxury firms (from fashion labels such as Burberry and Mulberry to British jewellers, and companies like upscale folding bikes maker Brompton) are exporting more with a positive result in the first three quarters of the year.
That’s according to the latest trade index from Lloyds Bank and IHS Markit, reported in The Times.
The index categorises luxury and sporting goods under its ‘other manufacturing goods’ category and this had a reading of 52.3 during Q3. The reading was 52.3 in Q1 and 51.5 in Q2. A reading higher than 50 is a sign of growth.
The weakness of the British pound could have been a big help as British goods became cheaper to buy due to exchange rate fluctuations.
The strength of the sector could be seen from the figures for the wider UK manufacturing segment with a reading of 46.5 for orders in the latest quarter, down from 46.9 in Q2. Unfortunately, the textiles sector was one of those to suffer with a reading of 45 in the third quarter.
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