This week, we at SMMT hosted our Global Trade Conference and launched our third annual trade report, both aimed at keeping the UK automotive sector front and centre on the world stage.
Vehicles are the UK’s single most valuable goods trade export, with revenues reaching £27 billion in 2020, making them more valuable to the UK than power-generating machinery and gold.
The UK automotive sector generated a total trade of £74 billion, underlying its huge importance to international trade, with most vehicles manufactured in the country exported around the globe.
As the world re-emerges from the pandemic, the diversity and importance of Britain’s automotive industry is our competitive advantage for restarting growth, creating jobs, and tackling climate change. We need automotive to be at the heart of future trade policy, with negotiations focused on removing both the tariff and non-tariff barriers that so often stifle growth.
The automotive industry is ideally placed to sustain and grow Britain’s as an economic, industrial, and environmental leader – as detailed in our report, Driving Global Britain.