Britain’s most valuable traded commodity turned out to be cars, with export revenue reaching 27 billion pounds
2021-10-21 14:20
The Association of Automobile Manufacturers and Traders (SMMT) has issued a new report confirming that the automobile is the UK’s single most valuable commodity trade export, calling on the government to place the automobile industry at the center of future trade negotiations.
The Association of Automobile Manufacturers and Traders (SMMT) has issued a new report confirming that the automobile is the UK’s single most valuable commodity trade export, calling on the government to place the automobile industry at the center of future trade negotiations.
In 2020, car export revenues reached 27 billion pounds, which makes them more valuable to the UK than power generation machinery and gold, even in a year when the global pandemic interrupted trade flows and closed global markets.
The British automobile industry as a whole generates 74 billion pounds of total trade revenue, which shows its importance in international trade is self-evident. More than 80% of British-made cars and more than 60% of light commercial vehicles are exported.
With global hopes that the pandemic is receding, Britain’s trade policy must now take advantage of opportunities in the post-Brexit and post-fossil fuel world to restore growth and employment with automobiles as the core.
As the global automotive market in regions such as Asia and Eastern Europe is expected to grow substantially, SMMT calls for future trade agreements to include specialized automotive accessories and clauses to reduce tariffs and regulatory barriers.
It also recommends establishing rules of origin to reflect the UK’s future supplier base, as the manufacturing industry no longer relies on internal combustion engines, and to ensure that manufacturers have the ability to recruit top talent from all over the world to drive growth.
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