The auto industry is currently the UK’s biggest exporter of manufactured goods.
The UK’s commercial vehicle factories were back in full throttle in September, revving up production by a whopping 25.9 per cent compared to last year. Fresh numbers from the Society of Motor Manufacturers and Traders (SMMT) show that 14,643 vans, buses, trucks, coaches, and taxis rolled off assembly lines last month, marking a solid recovery after the summer’s typical slowdown.
The boost wasn’t just for British roads either; the majority of these vehicles – 63.3 per cent, to be precise – are destined to ply streets beyond UK borders. Export volumes surged by an impressive 37.2 per cent to hit 9,276 units, most of which are on their way to the EU. With European demand showing no signs of slowing, industry experts emphasize the importance of smooth UK-EU trade relations. The domestic market saw its own rise, with UK demand for locally built commercial vehicles up by 10.1 per cent, translating to 5,367 units.
Car production in the UK:
This September surge was more than a one-month wonder, too. The industry has shown impressive growth over the past year, with UK plants producing 93,447 commercial vehicles from January to September – a notable 8.5 per cent jump over the same period last year. This surge makes it the best first nine months for production since 2008, when the world was a simpler place, and people still rented DVDs.
Exports are driving the bulk of this growth, rising by a strong 15.1 per cent year-to-date. Meanwhile, UK orders were down a modest 2.5 per cent, but, fortunately, the overseas appetite for UK-made wheels has more than made up for it.
Amid this boom in production, the UK automotive industry is having its moment on the global trade stage. The latest data from SMMT points to automotive manufacturing as the UK’s biggest exporter of manufactured goods, now making up a chunky 13.9 per cent of all UK exports for the first half of 2024. Over the 12 months leading up to June, the sector raked in a total of £114 billion, with £46.8 billion in exports alone. And just to keep things interesting, the UK imported a further £67.2 billion in automotive products, showing that the industry isn’t just essential for trade but has a solid domestic demand, too.
So, while Brexit and supply chain tangles might’ve tested the sector’s resilience in recent years, UK commercial vehicle production appears to be back in the fast lane, and the numbers are rolling in as fast as the vehicles are rolling out.
Source:
SMMT
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