UK machine tool trade in surplus

UK exports of machine tools in 2003 were worth GBP 401.1 million, an increase of 4.5% compared with 2002, while imports into the UK were worth GBP 389.0 million, a decline of 14.0% on the same basis.

UK exports of machine tools in 2003 were worth GBP 401.1 million, an increase of +4.5% compared with 2002, while imports into the UK were worth GBP 389.0 million, a decline of -14.0% on the same basis.

This gives a trade surplus of GBP 12.2 million, compared with a deficit of GBP 68.5 million in 2002; the last year in which a trade surplus for machine tools was recorded was 1994.

From a low point in the first quarter of 2003, exports have grown in each of the three successive periods to reach a two-year high in the fourth quarter.

Imports have seen the opposite trend, although this is because of the arrival from Germany of some high value equipment for the automotive industry in the first half of the year, which has distorted the general trend.

Exports of CNC machine tools in 2003 were worth GBP 221.2 million (55% of total exports), an increase of +7.0% compared with 2002.

On the same basis, imports of CNC machine tools increased by +2.9% to GBP 216.2 million (56% of total imports).

The increase in imports for CNC machines against a declining trend for total imports is due to the "one-off" items mentioned in the previous paragraph.

Dispatches to the European Union (EU) in 2003 were worth GBP 167.9 million (42% of all exports), a decrease of -1% on 2002; arrivals from the EU rose by +8% on the same comparison, to GBP 222.2 million (57% of total imports), but the increase was again entirely due to the exceptional items reported above.

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