Vehicles are the UK’s most valuable export as revenues reach £27bn
UK export revenues for vehicles have reached £27bn in 2020, making vehicles Britain’s most valuable trade good.
In a report published today, the Society of Motor Manufacturers and Traders (SMMT) highlighted how the British automotive sector kept on generating revenue even during the Covid-19 pandemic.
As a whole, the country’s industry produced a £74bn total trade revenue, with more than 80 per cent of British cars and 60 per cent of light commercial vehicles destined for the international market.
“As the world re-emerges from the pandemic, the diversity and importance of Britain’s automotive industry is the UK’s competitive advantage for restarting growth, creating jobs and tackling climate change,” said SMMT’s chief executive Mike Hawes.
The paper, which launched the SMMT global trade conference, highlighted how putting the industry at the centre of trade negotiations would be beneficial for the UK’s economy, especially in a post-pandemic and post-fossil fuel future.
“With automotive at the heart of future trade policy, and negotiations focused on removing both the tariff and non-tariff barriers that stifle growth, we can drive forward the growth of Global Britain and sustain our place as an economic, industrial and environmental leader.”