Asia Automotive Market Rises for UK
According to a recent report, Asia became the fastest-growing export market for the UK automotive sector last year, but the EU still remains its biggest customer.
Value of exported goods from the UK and Asia increased by 21% from 2016.
However the report found that the EU remains the largest export market for the UK in absolute terms, with 45% of UK exports.
Eight out of the UK’s top ten import markets are within the EU, accounting for 84% of imports in 2017.
The UK car industry is the ninth largest car exporter in the world, with a total worth of exported goods at £40bn. And the automotive sector within the West Midlands was responsible for 50% of output and 36% of turnover.
The sector now accounts for 15% of overall UK manufactured exports.
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