In recent years, it’s fair to say that most industries across the UK have experienced some form of a downturn due to the political and economic climate faced by businesses. However, despite the worrying signs for most industries, the manufacturing sector has remained as strong as ever and continues to rival some of the biggest manufacturing nations from around the world according to recent research.
Data gathered by Make UK and Santander has highlighted just how strong the British manufacturing industry has remained, despite external factors such as Brexit and a struggling economy.
We take a closer look at the report and delve deeper into some of the reasons that the UK manufacturing industry has continued to remain so strong throughout 2019.
The UK Ranked 9th Largest Manufacturing Nation in The World
The UK came in at 9th in the global manufacturing table for a second consecutive year, which highlights just how stable the sector as a whole actually is. It’s worth remembering that the UK collectively has a relatively small population, one that isn’t even in the top 20 worldwide, which really heightens just how remarkable this achievement is.
The manufacturing industry makes up over 44% of the UK’s global exports, which is worth over £273 billion to the UK economy. It is worth noting that the industry continuing with the trend of exceeding expectations must carry on, even when the UK does leave the European Union, if we are expected to maintain pace with other countries in the coming years.
The sector employs 2.7 million employees in the UK and accounts for around £192 billion of output each year – an astounding feat for an industry that is seen by both the government and wider public as an industry that is in need of modernisation and is in decline. Despite the perception from around the country, UK manufacturers now actually account for 15% of total business investment and an impressive 66% of the country’s research and development spending.
This further highlights just how seriously the manufacturing industry is taking future developments for the sector, with Industry 4.0 in full swing and smart manufacturing technologies being utilised in more businesses across the UK each year.
The report shows that when compared to other countries, the UK ranks well in a whole host of categories, including:
- 10th for exports of goods
- 7th for trade
- 2nd for service trade
- 9th for GP
- 27th for GDP per capita
It’s fair to say that the UK manufacturing industry is growing at an unprecedented rate, with a record number of jobs now available in the sector, investment is at an all-time high, and the sector is providing the overall economy with a real boost.
Made In Britain Thriving
Of the global exports, ‘Made in Britain’ products are a success story that has quickly become a global phenomenon – with £118 billion worth of products from this line sold each year to the US alone. There has also been a surge in the Asian markets becoming increasingly important, with China purchasing £23 billion worth of products annually.
The Made in Britain brand needs continued refinement and investment as we look to continually grow the total number of exports of products from this line each year. Beyond the manufacturing industry, Made in Britain, goods across industries are creating a real buzz worldwide. With products from the transport, automotive, chemical and pharmaceuticals, food and drink, machinery, metals, plastics and electronics all performing well on a global stage, the future does look bright for the UK, especially if a trade deal can be agreed with the European Union when the UK does leave the EU.
Here’s a list of the UK’s top 10 export and import destinations for manufactured goods in 2018:
- United States – £118.2 billion
- Germany – £55.4 billion
- Netherlands – £44 billion
- France – £42.1 billion
- Ireland – £38.3 billion
- China – £23.1 billion
- Italy – £19.7 billion
- Switzerland – £19.6 billion
- Belgium – £19.4 billion
- Spain – £17.6 billion
Here at European Springs, we continue to defy expectations and thrive as one of the UK’s leading spring manufacturers. By continually investing in the very latest technology and equipment, we have managed to keep on growing our business and product offering to our clients.