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UKAUTOMOTIVE
TRADEREPORT2023OPENROADSDrivingBritain’s
globalautomotivetradeCONTENTSUKAutomotiveisonCONTENTScoursetoreclaimitspositionasa£100billion-plustradingpowerhousebytheendof2023,a?gurethat3468FOREWORDEXECUTIVE
SUMMARYRECOMMENDATIONSCHAPTER
1:UK
AUTOMOTIVE
TRADESNAPSHOTCovid-19cutbyaquarter162228CHAPTER
2:EV
FOCUS:FUTUREPROOFING
UKFTAsCHAPTER
3:ANEW
TRADE
POLICY
FORNEWSUPPLY
CHAINSCHAPTER
4:GLOBAL
AUTOMOTIVETRADE
AND
THE
ROLEOF
GLOBAL
BRITAIN40ANNEX2THESOCIETYOFMOTORMANUFACTURERSANDTRADERSFOREWORDFOREWORDTheautomotiveindustry’sabilitytonavigateunchartedterrainremainsundiminished:aglobaltowardselectri?cation–allinadditiontoBrexit,acost-of-livingcrisisandsoaringin?ation.Allwere,orare,massivechallengesthatwouldtestanyindustry,yetoursectorhasdemonstrateditsresilienceandpathwaytogrowth,growth?rmlydrivenbyglobaltrade.UKAutomotiveisoncoursetoreclaimitspositionasa£100billion-plustradingpowerhousebytheendof2023,a?gurethatCovidcutbyaquarter.
Thisunderlinesthesigni?cantroleplayedbythesectoringeneratingemployment,fosteringgrowthandactingasasigni?cantcontributortothebroaderUKeconomy.Automotiverepresentednearly12%ofallBritain’smanufacturedgoodsinthe?rsthalfofthisyearandalmostoneineightUK-builtexports.Theseincludehighvalue,cutting-edgevehiclesshippedtoallcornersoftheworldfromgloballyrenownedbrands,partsandcomponentsfromcompaniessynonymouswithqualityandinnovationand,increasingly,newtechproductsdesignedtomeetchangingmobilityneeds.Inthispost-pandemicworld,theUKremainsagloballeaderinautomotiveproductionandexports,withanincreasingnumberofcars,vans,buses,trucks,taxis,specialistandeveno?-highwayvehiclestransitioningtowardszeroemissions.Withrecentsigni?cantinwardinvestment,theUK’s
expandingzeroemissionvehiclesupplychainisnotonlyadaptingtochangebutworkingtobecomeagloballeader.We
havecommittedtonetzeromobility,notjustasaresponsetoregulatorypressureorgovernmentcommitment,buttoprovideasustainablefuturefor
generationsahead.To
achievethisambitionwemusthavefreeandfairtradewithEuropeandotherestablishedandemergingmarketsworldwide.TheEUisourlargesttradingpartner–receivingalmost60%ofUKpassengervehicleexportsandsupplyingmorethan71%ofthecarsweimport.So?ndingasolutiontopreventtheimpositionoftari?sonelectricvehiclesandbatteriesassetbythecurrentEU-UKTradeandCooperationAgreementrulesoforiginisourmostpressingchallenge.Failuretodosorisksa£4.3billionhittothesectoracrossEurope,which,ine?ect,willaddataxontheveryvehiclesneededfor
ustodecarboniseroadtransport.SafeguardingtradewiththeEUiscriticalbut,asthisreportsetsout,wemustremainfocusedontradearoundtheworld.Thismeansaddressingmanychallenges.Ensuringnewandrevisedfreetradeagreements,especiallywithIndia,SouthKorea,Canada,MexicoandtheGulfstates.Deliveringenhancedmarketaccessandworkableoriginrequirementsfor
EVs,
batteriesandrelatedcomponents.BuildingonrecentinvestmentwinstodevelopasustainablebatteryandcriticalmineralsupplychaininBritain.Improvingsupportfor
remanufacturingandrecycling.Enhancingregulatoryengagementwithkeytradingpartnerssooursmallvolumemanufacturersremaincompetitive.Andremainingalerttoanyadverseimpactsfromglobaltradetensions.Solvethatpuzzleandthebene?tsaretremendous–jobs,growthandprosperityacrosstheUK.Committingtofreeandfairtradeishowwewillspurinvestment,sustaincompetitivenessanddeliverzeroemissionproductsthataddresstheglobalchallengeofclimatechange.MikeHawesChiefExecutiveTheSocietyofMotorManufacturersandTraders(SMMT)THESOCIETYOFMOTORMANUFACTURERSANDTRADERS32022
HIGHLIGHTSUK
AUTOMOTIVETRADE:
£94bnUKCAREXPORTSBY
DESTINATIONEURestoftheworldOtherEuropeNorthEastCarexports:70%NorthWestCarexports:80%WalesCarexports:87%EastMidlandsCarexports:82%WestMidlandsCarexports:84%EastCarexports:65%SouthEastCarexports:82%4THESOCIETYOFMOTORMANUFACTURERSANDTRADERSEXECUTIVE
SUMMARY£34.4TOP10CAREXPORTDESTINATIONS2022EV
TRADEbillionValue
ofexportsEU57.6%13.3%8.7%2.9%2.0%1.9%1.4%1.3%0.6%0.4%9.9%USAExportsofEVs
toEU£5.6bnChinaJapanSouthKoreaAustraliaTurkeyCanadaMexicoUAEAutomotivemakesup11.8%ofallUKmanufacturedgoodsexportsOtherImportsofEVs
fromEU£9.7bn£59.4TOP9CARIMPORTORIGINS
2022billionValue
ofimportsEU71.3%9.2%5.8%5.8%3.6%1.4%1.3%0.9%0.7%ChinaSouthKoreaJapanEV
RULES
OFTurkeyMexicoSouthAfricaUSAORIGIN
IMPACT£3,400MoroccoNew?guresrevealtari?threattoEU-madeElectricVehiclescouldresultina£3,400averagepricehikeifunworkablerulesoforiginareimplementedinJanuary71%ofimportedcarstotheUKcomefromtheEU£3,60010%tari?swouldalsoadd£3,600tocostofBritish-builtEVs
soldinEurope,withconventionalICEmodelsuna?ectedonbothsides.30%
97%Electri?edvehicleAlmost97%ofnewbatteryelectricvehicle(BEV)exportsupalmost30%inthe?rsthalfof2023(vs2019)registrationswereimportedvehiclesinthe?rsthalfof2023THESOCIETYOFMOTORMANUFACTURERSANDTRADERS5RECOMMENDATIONSRECOMMENDATIONS
FORGOVERNMENT
AND
INDUSTRY01
TCA
ORIGIN
REQUIREMENTSFOR
BATTERIES05
INTERNATIONALCIRCULARECONOMYSupportthecirculareconomybystreamliningthetari?suspensionmechanismanddeviseatailor-madestrategytoreducecostsofTheUKandtheEUshouldagreeurgentlytodelaytheintroductionoftougherbatteryrulesforthreeyears.internationalsourcingofmaterialsneededbyremanufacturersandrecyclingcompanies.02
ACHIEVEFTAs
FITFOREVsEnsurenewandrevisedFTAs
deliverenhancedmarketaccessandworkableoriginrequirementsforEVs,batteriesandrelatedcomponents.06
ENGAGEWITHCHINAMonitorpotentialadverseimpactsontheUKautomotiveindustryfromtheEU’sinvestigationintoChineseEVsubsidies.UKmanufacturersshouldsupportengagementwithChinabyprovidingmeaningfulinsightsintomarketchallenges.Enhancedbilateraldialoguecouldhelpaddressmarketaccessbarriers.03
INCREASEUKVALUE-ADDEDDeviseanationaladvancedmanufacturingplantoattractadditionalinvestmentthroughoutthebatterysupplychainandensuretheautomotivesectorcanfullybene?tfromallUKFTAs.07
OPENROADSTO
INDIAStep-upengagementtoreachabalanced,commerciallymeaningfulagreementwithIndiaprovidingadditionalmarketaccessacrossallautomotiveproductsonthebasisofworkableoriginrequirements.04
CRITICALMINERALSNETWORKAgreenewcriticalmineralspartnershipswithresource-richcountriesandmajorEVcommitmentstoencourageinvestmentandenhancesupplychainreliability.6THESOCIETYOFMOTORMANUFACTURERSANDTRADERSRECOMMENDATIONS08
TRADECONTINUITY11
TRADEWITHTHEGULFWITHSOUTHKOREAFinalisinganambitiousnewFTA
withGCCcountriescouldopencommerciallymeaningfulopportunitiesifthepartiesagreeonenhancedmarketaccesscommitments.Launch,negotiate,?naliseandbringintoe?ectamodernisedUK-SouthKoreaFreeTradeAgreementbeforetheexpiryoftheextendedEUcumulationclause.09
COOPERATE
TO
ADDRESSCARBONLEAKAGE12
BUILDONTHEATLANTIC
DECLARATIONFinalisenegotiationsofaUS-UKcriticalmineralpartnershiptoimprovemarketaccessintheUSforcriticalmineralsextracted,re?nedorrecycledintheUK.WiththeUKandseveralothercountriesalreadyimplementingEmissionTradingSchemesandconsideringtheimplementationofCBAMssimilartotheEU’s,
Europeanautomotivebusinessesmightbene?tgreatlyfromtherecognitionofequivalentregulatoryregimesandthereductionofadministrativeburdensandadditionalcostsinmovementsofcoveredproductsbetweenthem.13
REFORGETRADETIESINNORTHAMERICAConcludethenegotiationofupgradedFTAs
withMexicoandCanadaandsecureanextensionofexistingEUcumulationclausestoensuretradecontinuityuntilthenewagreementstakee?ect.10
DEVELOPASUSTAINABLESUPPLY
CHAINEUregulationsoncorporatesustainabilityarelikelytosetanewglobalbenchmark.ItisessentialforautomotivebusinessesoperatingintheUKandinthebroaderEuropeanregiontofamiliarisewithnewandupcomingobligationsandputinplacethenecessarycompliancemechanisms.14
GOTO
BAT
FORICONICBRITISHBRANDSEnhanceregulatoryengagementwithkeytradingpartnerstoseekadditional?exibilitiesforSVMsandmitigateagainstimpactsofoverburdensomeregulatoryandbehind-the-borderbarriers.THESOCIETYOFMOTORMANUFACTURERSANDTRADERS7CHAPTER
1UK
AUTOMOTIVETRADE
SNAPSHOT→UKAutomotivedelivered£94billionintradein2022,withthesectoreyeingthepossibilityofregainingitsstatusasa£100billionplustradehubbytheendof2023.→TheAutomotivesectorremainspivotaltotheUK’s
economy,
representing11.8%ofallexportsofUKmanufacturedgoodsinthe?rstsixmonthsof2023androadvehiclestoppingthelistofthecountry’s
mostimportedcommodities.→Theindustryremainsopentotheworld,withtheEUconsolidatingitspositionasthesector’s
largesttradingpartnerreceivingalmost60%ofUKcarexportsandsupplyingmorethan71%ofimportednewcars.TOTAL
AUTOMOTIVETRADEDespitebeingseverelytestedbyyearsofextraordinaryeconomicturbulenceandsystemicdisruptions,theUKautomotivesectorremainsamulti-billionpoundtradehub,demonstratedbyitsabilitytodeliver£94billionintradevalueattheendof2022–ayearmarredbythefall-outofmultipleglobalandregionalcrises.Mostimportantly,withimportsandexportsof?nishedvehicles,partsandcomponentsworthsome£101billionintradeinthe?rsthalfof2023(onarollingyearbasis),theUKautomotiveindustryseemsfullyontracktoregainitspre-pandemicroleasa£100billionplustradegeneratorbytheendoftheyear.UKAutomotiveaspiringtoreclaimitspositionasoneofBritain’smostvaluedtradehubs,justthreeyearsfromtheCovid-19pandemic,isatestamenttothestrongfundamentalsofthesector.
Thisincludestheabilityofdomesticmanufacturersandimporterstoadjusttheirbusinessoperationsinthefaceofadverseconditions,ongoingsupplychainissuesandthedeterminationtoremainanopenmarketdespitegrowinginternationalcompetition.8THESOCIETYOFMOTORMANUFACTURERSANDTRADERSCHAPTER
1Duringthe2020-2022period,unexpectedchallengeshavehinderedtheindustry’exportvaluesfacingthemostsigni?cantimpacts.ThesechallengescausedmajordisruptionstotheUKautomotiveindustry’scost-sensitivebusinessmodelandcouldhaveresultedinthesystemicmarginalisationofthesectorasasigni?cantcontributortotheUK’s
tradebalancesheet.Whilelastyear’soveralltradeperformancewasdrivenbythestrongreboundinautomotiveimportvalues,exportsstruggledtorecovertopre-pandemiclevels.ThepandemicandtheconsequentiallockdownsresultedinwidespreadmarketclosurecausingproductiontohaltintheUKalongsideothermanagedriskapproach,thankstothevaccinationprogrammerolloutworldwide,theexpectationsofastrongreboundinsalesandproductionwerefrustratedbysupplyshortages–mostnotablyofsemiconductorsandotherrawmaterials,aswellassystemicsta?shortages.However,
evenin2022,whenin?ationarypressureandtheuniquemarketconditionspushedexportsofbasicpreciousmetalstomorethandoubleinoneyear,
UKautomotiveexportscoveredalmost10%ofallexportedmanufacturedgoods.Inthe?rsthalfof2023,theshareofUKautomotiveexportshasincreasedto11.8%,bringingtheindustryastepclosertothe13%thresholdrecordedbeforethepandemicoutbreak.Furthermore,theintroductionofnewtradebarriersinexchangesbetweentheUKandEUfollowingtheUK’s
exitfromtheEuropeanSingleMarketandCustomsUnionin2021hasimpactedthishighlyintegratedautomotivesupplychain.Morerecently,thefull-scaleinvasionofUkrainelaunchedbyRussiainFebruary2022furtherexacerbatedproductionchallenges,asexempli?edbyUkrainianwireharnesssuppliersforcedtostopmanufacturingoperationsovernightandmajorshortagesofUkrainianneongas–acrucialcommodityintheproductionofchips.Theimpactofsanctionsadoptedinresponsetotheaggression,coupledwithskyrocketingpricesforenergyandkeymanufacturinginputs,suchaspalladiumandaluminium,fuelledthemostsigni?cantin?ationarycrisisindecades,withtheUKamongthehardesthit.Chart1
Total
automotivetradevalue(Motorvehicles,Chart2
AutomotiveshareofallUKtrailers&semi-trailers,parts&components)manufacturedgoodexports(%)ImportsExportsTotalSource:ONSSource:ONSBillions2019202020212022H12023(RY)2019202020212022H12023(RY)120100801512913%11.8%11.2%10.9%9.7%606403200THESOCIETYOFMOTORMANUFACTURERSANDTRADERS9CHAPTER
1Chart3
TOP
5UKGoodsexportsStandardinternationaltradeclassi?cation(SITC)20212022H12023Source:HMRCBillions0102030405060Goldnon-monetary23.4(excludingoresandconcentrates)59.730.4Roadvehicles(includingaircushionvehicles)18.818.531.828.4Powergeneratingmachineryandequipment31.123.4Petroleum,petroleumproductsandrelatedmaterials15.437.823.424.0Medicinalandpharmaceuticalproducts11..520.2EXPORTSOFFINISHEDVEHICLESChart4
UKvehicleproduction(rollingyearbasis)turbulence,roadvehiclesareslowlyregainingtheirtraditionalpositionastheUK’s
mostexportedcommodity.CarexportsCVexportsVehicleproduction%carsexported%CVsexportedSource:SMMTIn2022,theenergycrisisandin?ationarypressureonenergyproductsledtoaboominexportvaluesofpetroleumandrelatedproducts,whiletheexceptionalperformanceofgoldexportsappearstobe
aresponsefromglobalinvestorstothegeopoliticalandeconomiccrisisthatunfofUkraine.Despitetwoyearsofsteadygrowthinexportvalues,itisnosurprisethatroadvehiclesbecametheUK’s
thirdmostexportedgoodattheendof2022,withavalueof£31.8billion.Jan‘16Jan‘17Jan‘18Jan‘19Jan‘20Jan‘21Jan‘22Jan‘23Millions%2.0851.81.61.41.21.00.80.60.40.2080757065605550Asmarketsadjusttotheneweconomicenvironment,exportsofgoldareprogressivelynormalisingandtherearesignsthatmotorvehicleexportshaveregainedmomentuminthe?rsthalfof2023,withavalueofmorethan£18.8billion,justbelowgoldexports,andthepossibilitytoreturntopre-pandemiclevelsbytheendoftheyear,
ifcurrenttrendsaremaintained.10THESOCIETYOFMOTORMANUFACTURERSANDTRADERSCHAPTER
1Chart5
Top
10carexportdestinationbyvolumeAlthoughvaluesareoncoursetoregaintheirpre-pandemiclevel,exportvolumesremainfarbelowtheonemillionunitthresholdrecorded,forthelasttime,inApril2020.20192021202220231HSource:SMMTAttheendof2022,justover600,000carswereshippedgloballyfromtheUK.Inthe?rsthalfof2023,theindustryhadreporteda7%increaseto650,000exportedunitsonarollingyearbasis.Despitethelatestpositiveperformance,fullrecoveryremainselusive,withexportvolumesin2023(onarollingyearbasis)remaining-38.4%below2019levels.Furthermore,thelossinexportvolumessince2020wasnotcompensatedbyadditionalsalesforthedomesticmarket,asthesectorremains?rmlyexport-oriented,withalmosteightoutof10carsproducedintheUKsoldtocustomersoverseas.10%20%30%40%50%60%12345678EUUSAChinaJapanSupplychaindisruptions,systemicshortagesandbroaderin?ationaryimpactscanpartiallyexplainthedisconnectbetweenexportvaluesandvolumes.However,
themajordi?erenceingrowthrates–withexportvaluesincreasingby34%andexportvolumesupbyjust7%inthe?rsthalfof2023–pointstoastructuralchangefollowingthelossofHondaandVauxhallAstramodelsandtheensuingreductioninexportsfromvolumemanufactures.Manufacturersarelikelyseekinghigherpro?tabilityandareadjustingtothedi?erentcoststructuresofloweremissionvehicles,withvehicleassemblersincorporatinghigh-valuebatteries–includingassociatedpartsandcriticalmineralsAustraliaTurkeySouth
KoreaCanadaUAE910–andadvancedtechnologiesintotheir?nishedproducts.MexicoTheworld’sfourlargesteconomieshavebeenconsistentlyrankedasthetopexportdestinationsforUK-builtpassengercars.Althoughtheindustryexportstoallcornersoftheworld,thefourbiggestmarkets–namelytheEU,theUS,ChinaandJapan–haveacumulativeshareofalmost80%ofallUKcarexports.Chart6
UKcarexportsbytype(volume)VolumePremiumSmallVolume(right-handaxis)Source:SMMTAmongthebigfour,
theEUisconsolidatingitsdominantposition,with59.5%ofallexportedUKcarsshippedtotheblocinthe?rsthalfoftheyear(versus57.6%in2022and54.8%in2019).Honda’s
decisiontodiscontinueproductionintheUKresultedinamajordeclineinexportstotheUSandtheprogressivegrowthintherelativeweightofexportsdestinedfortheEUandothermarkets,withtherelativeweightofexportvolumestotheUSfallingfrom18.9%in2019to9.5%inthe?rsthalfof2023.WiththeexceptionoftheUSandCanada,allotherexportdestinationsinthetop10recordedanincreaseintheirrelativeweightcomparedto2019.China(7.4%),Japan(3.5%),Australia(2.9%),Turkey(2.7%),SouthKorea(1.8%)andCanada(1.3%)maintainedtheirspotsinthetop10,whiletheUAE(0.8%)andMexico(0.8%)arenotablenewentries,withSwitzerlandandSouthAfricadroppingoutofthelistinthe?rsthalfoftheyear.201920202021202260030252015500400300Thedeclineinexportunitsisdrivenmainlybythereductioninexportsofvolumemanufacturers,notingtheabovestructuralissues.Premiumvehiclemanufacturersrecordeda
slightdip,whileexportsfromsmallvolumemanufacturers(SVMs),traditionallyhigh-valueluxuryandsportsvehicles,havefullyrecoveredsince2021.Thesechangescontributedtothedivergingpatternsbetweenexportvaluesandvolumes.20010ThousandsThousandsTHESOCIETYOFMOTORMANUFACTURERSANDTRADERS11CHAPTER
1TheUKautomotivesectorremainsamulti-billionpoundtradehub,demonstratedbyitsabilitytodeliver£94billionintradevalueattheendof2022TheUKautomotiveindustryisavitalpartoftheUKeconomy,withadomesticpresenceinregionsacrossthecountryandanexportfootprintspanningtheglobe.AllUKregionshostingcarassemblyoperationsarestronglyexport-oriented.Thepercentageofcarsproducedforexportsineachindividualregionrangesfromaminimumof65%intheEastofEnglandtopeaksof84%intheWestMidlandsand87%inWales.AnexceptiontothesluggishexportvolumetrendisthestrongreboundinshipmentsofBritish-builtcommercialvehicles(CVs).Bytheendof2022,theUKwasexportingalmost40%moreCVs
thanin2019,withmorethansixoutof10destinedforoverseasmarketsandmorethan66,000CVs
exportedinthe?rsthalfof2023(onarollingyearbasis).TheUKCVindustrybene?tsfromtherapidexpansiondomesticCVmanufacturerswellpositionedtocapturemarketgrowth.However,
withmorethan90%ofCVexportsdestinedfortheEU,thismarketsegmentremainshighlydependentonsinglemarketdemandcycles.Thediversi?cationoftheCVexportportfoliomightrepresentanopportunitytoconsolidatethesector’sexportoutlookandcreateeconomiesofscale.Chart7CVexports-destinations(shareallexports)20231HEUOceaniaAmericaAsiaOthersOther
EuropeAfrica%100806040200Table
1Shareofcarproductionfor
exportsfromeachregionNorthEast(England)NorthWest(England)YorkshireandTheHumber(England)EastMidlands(England)WestMidlands(England)EastofEngland70%80%n/a82%84%65%n/aLondonSouthEast(England)SouthWest(England)Wales82%n/a87%n/aSource:SMMTScotland12THESOCIETYOFMOTORMANUFACTURERSANDTRADERSCHAPTER
1IMPORTSOFFINISHEDVEHICLESTheUKlightcommercialvehicle(LCV)marketisalsodominatedbyTheUKremainsanopenmarket,withimportedcarscoveringmorethan90%ofallnewcarregistrationsinthe?rsthalfof2023andvolumesincreasingtoabove1.6millionunitsonarollingyearbasis.AccordingtoHMRC,roadvehiclesconsistentlytopthelistofthemostimportedcommoditiesbyvalue,withinboundshipmentsworthmorethan£58.5billionlastyear,
aheadofpetroleumproductsandgas.imports,withtheirshareconsistentlyexceedinga90%marketsharesince2016.ImportedLCVs
arepredominantlysourcedfromtheEU(63.7%),however,
Turkeycovers23.2%ofallLCVimportsandremainsamajorvansupplierwithcloselinkstoboththeUKsupplychainandBritishcustomers.TheUKreceivesnewcarsfromninedi?erenttradingpartners,withtheEUbeingourlargestsuppliercovering71.3%ofallimports.Chinese-builtcarshaveseentheirmarketshareincreasefromlessthan1%in2019toaccountfor9.2%ofallimportsinthe?rsthalfof2023–aconsequenceoftherisingelectri?cationoftheUK’s
newcarmarket.OtherAsiannationsarealsoperformingwellintheUK,notablySouthKoreaandJapanroundingoutthetopfourimporters.Chart8
UKnewcarregistrations-importsvolumeChart9
Top
9carimportsorigin(shareoftotal)andshareImportTotalImportsshareSource:SMMT2019202120221H2023Source:SMMT10%
20%
30%
40%
50%
60%
70%
80%2019202020212022H12023(RY)123456789EU%2.52.01.51.00.5091908988878685ChinaSouthKoreaJapanTurkeySouthAfricaMexicoUSAMoroccoChart10
UKnewLCV
registrations-importsvolumeChart11Top
7LCV
importsorigin(shareoftotal)andshareImportTotalImportsshareSource:SMMT202120221H2023Source:SMMT10%20%30%40%50%60%70%2019202020212022H12023(RY)1234567EUThousands40035030025020015010050979695949392919089TurkeySouthAfricaThailandChinaSouthKoreaJapan0THESOCIETYOFMOTORMANUFACTURERSANDTRADERS13CHAPTER
1TRADEINENGINESANDPARTSIn2022,thecumulativevalueoftradeintypicalpartsandenginesamountedtomorethan£17.2billion.Lastyear,
theUKturnedoutmorethan1.6millionengines,with57.8%ofallunitsexportedoverseas.Engineproductionandexportvolumeshave?atlinedinthe?rsthalfof2023,remainingbelowthetraditionalpre-pandemiclevelofmorethan2millionunitsmanufacturedonarollingyearbasis.Engineexportsremainasigni?cantcontributortotheUK’s
economy,withshipmentsoverseasvaluedatmorethan£2.1billionin2022.However,followingyearsofdecline,engineimportsareacceleratingatafasterpacethanexports,withinboundshipmentsworthmorethan£1billionin2022–drivenbya45.5%annualincreaseinimportsfromtheEU.Similartoengines,tradeincomponentshasnotyetfullyrecovered.In2022,importsandexportsoftypicalpartsandaccessoriesremainedbelowpre-pandemiclevels,despitea7.5%annualincrease,toatotalvalueofmorethan£14billion.TheUKsupplychainremainsdeeplyintegratedwithitsclosestneighbours,astheEUmaintaineditspositionastheUKautomotiveindustry’sdominantsupplierandmainexportdestinationforBritishparts.Tcomparedwithtradetotherestoftheworldin2021.However,
exportsfromtheUKtonon-EUmarketswerealreadyabovepre-pandemiclevelsin2022,andtradeinpartswiththerestoftheworldisoncoursetofullyrecoverbytheendof2023,whileareturnto2019valuesintradewiththeEUisunlikely.Chart12
UKengineproduction(rollingyearbasis)ExportsTotalShareSource:SMMTJan‘16Jan‘17Jan‘18Jan‘19Jan‘20Jan‘21Jan‘22Jan‘23Millions%3.0662.52.01.51.00.5064626058565414THESOCIETYOFMOTORMANUFACTURERSANDTRADERSCHAPTER
1Engineexportsremainasigni?cantcontributortotheUK’s
economy,
withshipmentsoverseasvaluedmorethan£2.1billionin2022Chart13
Total
enginetrade(value)Chart14
Total
tradeofpartsandcomponents(value)ExportsImportsTotalSource:HMRCExportsImportsTotalSource:HMRC2019202020212022H120232019202020212022RYBillionsBillions4500350030002500200015001000500201816141210864200Chart15
Trade
inparts-EUvsROW(Value)EUexportsEUimportsTotalEUROW
exportsROWimportsTotalROWSource:HMRC2019202020212022H12023BillionHESOCIETYOFMOTORMANUFACTURERSANDTRADERS15CHAPTER
2EV
FOCUS:FUTUREPROOFINGUK
FTAs→Trade
inelectri?edvehicles(EVs)
drivethesector’srecovery,
withexportsofbatteryelectricandhybridvehiclesalready30%abovepre-pandemiclevels.ImportsofEVs
fromtheEUandtherestoftheworldarecrucialtosupporttheUK’senvironmentalambitions.→The
EU-UK
TCA
has
createdan
enabling
environment,
withthe
value
of
bilateral
EV
tradegrowing
more
than
104%
inthree
years,
from
£7.4
billionat
the
end
of
2020
to
£15.3billion
last
year.
However,
thephase-in
of
unworkable
originrequirements
for
batteries
in2024
risks
derailing
regionalEV
trade,
witha
potentialtari?
bill
of
£4.3
billion.→Athree-yeardelayoftheTCAbatteryoriginrequirements,themodernisationofcontinuityagreements,thenegotiationofnewFTAssettingrealisticcontentrequirementsandadditionalinvestmentthroughoutthebatterysupplychainarecrucialtoscaleupinternationalEVtrade.16THESOCIETYOFMOTORMANUFACTURERSANDTRADERSCHAPTER
2TRADEINEVsChart16UK‘electri?ed’carproductionfor
exportAssupplychainbottlenecksease,globaltradeshouldfuelgrowthinUKautomotiveproduction,boostingsalesofbothBritish-madeandimportedautomotiveproducts,andencouragingthetransitiontolow-emissiontechnologiesbybuildingeconomiesofscale.BEVvolHybridvolExportshare(allelectri?ed)Source:SMMT2016
2017
2018
2019
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