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News Release from: Manufacturing Technologies Association
Edited by the Engineeringtalk Editorial
Team on 19 December 2006
Seasonal deficit dents machine tool
growth
In the third quarter of 2006, exports of metal working machine tools from the UK were worth GBP 113.7 million, +6.5% above the level of the third quarter of 2005.
In the third quarter of 2006, exports of metal working machine tools from the UK were worth GBP 113.7 million, +6.5% above the level of the third quarter of 2005 The cumulative total for the first nine months of 2006 is GBP 345.5 million, an increase of +10.4% on the same months of 2005
This article was originally published on Engineeringtalk on 1 Dec 2005 at 8.00am (UK)
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The equivalent data for UK imports of metal working machine tools show that the third quarter total was GBP 137.1 million, a quarter-on-quarter increase of +11.3% and +42.7% higher than the same period in 2005.
This gives an increase in the cumulative total for January to September of +21.6%, with a total of GBP 365.6 million.
As a result, there was a trade deficit in the third period of the year of -GBP 23.3 million and for January to September inclusive there is a deficit of -GBP 20.1 million.
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"The third quarter is usually a weak period for exports", said Andrew Manly, MTA Director General, "and the fact that they are higher than in the same period of 2005 points to the underlying trend still being positive".
"The increase in imports is to be expected - our recent forecasts pointed to growth in the UK market for 2006 of +30% compared with 2005, so anything less than this rate of growth for imports implies an increase in market share for UK manufactured products".
Analysis by product type shows that CNC grinding machines (+GBP 13.7 million) had the largest trade surplus for the first nine months of 2006, while the most significant trade deficits were for non-CNC bending machines (-GBP 17.3 million), non-CNC milling machines (-GBP 11.7 million) and CNC lathes (-GBP 10.2 million).
Metal cutting machines accounted for 78% of exports and metal forming machines for 22% of exports; for imports the ratios were 74% and 26% respectively.
Geographically, exports to the other EU25 countries fell by -6.3% compared with the first nine months of 2005, with trade with the rest of the world +29.0% higher.
This was led by increases of +98% for Japan, +130% for Norway, +156% for Mexico and +175% for Russia, but also by an increase of +20% for exports to the USA and +12% for China.
None of the major non-European destinations saw a reduction in exports in this period.
For imports, there was an increase for both European and non-European sources; arrivals from the rest of the European union increased by +31.5%, and imports from the rest of the world increased by +13.9%, led by increases of +24.7% for Japan and +70.5% for China.
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