The UK manufacturing sector has overtaken France in the world rankings and now sits in eighth place according to official data published by Make UK.
2021 is the latest year for which global manufacturing output are available. This data shows that the UK’s manufacturing output was worth $272bn in 2021, compared to France’s $262bn. To add some context to these figures, China is the largest manufacturing nation in the world which is worth $4.9tn in 2021. Whilst this is great news, separate data from the Office of National Statistics has found that manufacturing output for 2022 was $224bn which is almost $50bn less than 2021. Unfortunately, official global data for 2022 is not yet available so the UK is unable to compare itself against other nations.
Where does the UK export goods?
In 2022, official data demonstrated that the United States continued to be the dominant export market for UK goods which was worth £56.7bn to the UK economy in 2022 whilst six of the top 10 export markets were EU countries.
What about manufacturing salaries?
Official data found that manufacturing jobs are in fact better paid than jobs in the services sector and the economy overall. In 2022, the average salary of an individual working in the manufacturing sector was £36,488. For the overall economy, this was £33,402 and £32,676 for services.
How can we help?
Hawsons has a dedicated team of specialist manufacturing and engineering accountants in Sheffield, Doncaster and Northampton.
Our specialist team offers a wide range of services which are tailored to meet your individual needs. Our understanding of the issues faced by the manufacturing and engineering businesses means that we can proactively seek out ways for you to maximise your profitability and minimise your tax liabilities.
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