The forecast for the import of yarn of wool or fine animal hair to the UK indicates a steady increase from 2024 to 2028. The actual import value for 2023 was approximately 22.3 million USD. In 2024, the import value is projected at 22.926 million USD, showing a minor increase from the previous year. The year-on-year growth from 2024 to 2028 reveals an average annual growth rate of approximately 2.7%. The compound annual growth rate (CAGR) for this period stands at approximately 2.8%.
Future trends to watch for include:
- Potential shifts in global trade policies that could affect wool import tariffs.
- Changes in consumer preferences towards sustainable and ethically sourced materials.
- Technological advancements in textile manufacturing that may influence demand for specific types of yarn.
- Currency fluctuations impacting import costs and pricing strategies for UK businesses.