The Comeback is stronger than the fall. As the manufacturing industry sees in the midst of Coronavirus, the industry PMI saw an increase for the third time running in August. And it doesn’t stop there with the UK then taking ninth spot for the largest manufacturer of global exports. Highlighting the importance of trade deals and the impact the UK has exporting to six EU countries, these results have shown a major importance in Britain’s exports and to avoid any trade barriers.
The top UK export markets were mostly based in Europe with around 46%, coming in at just under half of the exports heading from the UK going into Europe. This included Ireland, France, Belgium, Netherlands, Switzerland and Germany. Also ranking fifth place was China, another of the top export markets outside of Europe. All of these European markets combines totalled to a whooping £169bn.
The figures have also shown that the UK’s output grew 7% in 2019 placing the country in tenth place for global exports, identifying that Britain still stands as one of the biggest manufacturers in the world today.
The UK being close in geographical location to Europe gives manufacturers in the country open doors, whereas the US is further in distance however the benefits to reap would be great due to the large market.
When looking into the exports there was a small difference with goods exported taking 53% outweighing services which stood at 47%. Moving forward the UK can now look to improve these figures by putting a focus on the country’s manufacturing industry, and supporting companies within the industry after COVID19.
To read the full UK Manufacturing overview for 2020/21 visit MAKE UK.