In 2023, the UK imported woven fabrics of silk or silk waste valued at approximately 25 million US dollars. Forecast data for 2024 show a decline to 23.274 million US dollars. The subsequent years continue this downward trajectory: 2025 sees a drop to 21.509 million, while 2026, 2027, and 2028 anticipate further declines to 19.779, 18.083, and 16.422 million US dollars respectively.
Year-on-year analysis reveals the following percentage decreases from 2024 onward:
- 2024: -6.9%
- 2025: -7.6%
- 2026: -8.0%
- 2027: -8.6%
- 2028: -9.2%
The compounded annual growth rate (CAGR) reflects an approximate decline of 7.6% over the five-year forecast period.
The consistent decline in imports suggests a decreasing demand or possible expansion of local production. Future trends to monitor include changes in global silk production, trade policies, or shifts in consumer preferences towards sustainable or alternative textiles, as these factors could significantly influence import needs. Additionally, any economic policies affecting tariffs or trade partners may have a substantial impact on these forecasts.
