The latest 2024 Bi Annual Statistical data of the UK MI industry by Alan Greensall of Synergy Statistics.
The half year data to June for 2024 is now available courtesy of HMRC. Alan Greensall continues crunching the numbers quickly to help us all determine the true state of our UK MI industry. With the the UK looking like it’s heading for a recession after two months of negative growth, it’s more pertinent than ever that we access the data for MI specific products that utilise the 92 commodity codes. The feedback is that the market was tough even in the last 6 months of 2024. The graphs here may go someways to explain the problems.
Following on from the import overview, I thought it would also be interesting to see how the UK is fairing with its exports under the 92 commodity code. The trend of decreasing value helps make the 8% drop in value of the half yearly value look better than the worrying 18% drop in units exported. As previously discussed, the overall drop over the years could be down to the high of the covid years, balancing overstocks, or the higher prices have stifled the demand. For those of you interested, the Value in Green is exports to Ireland. However, there maybe another story that these export graphs do not reflect. Missing is the increasing overheads of manufacturing in the UK. This is due to the high cost of energy and the imminent increases of NI and the minimum pay implementation . The pressure of keeping sales momentum in a shrinking market does not help. It’s very obvious that export numbers have shrunk and with implementation of GPSR, it could get harder for the smaller exporters!
In February the whole of 2024 data will be available, which will show if these trends continued.
