UK Car Export Revenue Doubles In Last Decade

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16th June 2014 10:46 - Automotive

Revenue from UK car exports has doubled in the last 10 years reaching £24.8billion in 2013, compared to its £12billion in 2004, according to figures from the Society of Motor Manufacturers and Traders (SMMT).

Alongside increased volumes, the income boost is largely down to more manufacturers building higher quality models. A decade ago the average wholesale value per exported car was £10,200; this figure has since doubled to £20,640 in 2013.

Mike Hawes, Chief Executive at SMMT, said this reflects the “thriving” nature of the UK car manufacturing industry and the reputation it has globally.

There has been greater international demand for premium vehicles and the UK has reacted quickly to this. In 2004 28.9% of UK car exports were made up of premium and specialist brands but, 10 years later, that figure has risen by 13.5% - placing the 2013 total at 42.4% and reflecting the ‘shift to premium’ trend.

Notably, more than £47,000 was generated a minute last year by UK car manufacturers in exports.

More than 1.5 million cars were produced by British companies in 2013 alone; causing many to believe the industry could break the all-time record of two million units by 2017.

Hawes concluded by stressing the need for more young people to join the industry to help it prosper in all areas, from design and engineering to manufacturing and retail.

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