SMMT’s automotive trade snapshot shows that the automotive sector remains Britain’s largest exporter of manufactured products, increasing its share of these exports to 13.9% in the first half of 2024.
The value of these exports has remained consistently high, driven by global demand for premium UK-made electrified vehicles, which are worth roughly one and a half times more than ICE models. In 2023 the sector was worth £115 billion in total trade, encompassing £47 billion in exports and £68 billion in imports.
To ensure the industry’s hugely important contribution to UK economic growth can continue, and grow, SMMT has set out recommendations for policymakers:
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