The Full 2024 Annual Statistical data of the UK MI industry by Alan Greensall of Synergy Statistics.
The Full years data 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. The First data is a overview of the MI commodity Code 92. Its not a good picture. The Numbers of product arriving in the UK is -2% year on year. But if we go back 6 years the actual drop is -27% In fact we are at the same level of 2018.
If we then compare the value of the imports, we see another downward trend of -5% year on year. The trend over the last 6 years is a drop in value of -7% The significant part of both graphs is the gap between Value of goods and the numbers or Volume. That 20% gap may be explained by Price inflation?
However, there maybe another story that these graphs do not reflect and its worth repeating.
Missing is the decimation of margin and profitability. The pressure, even on the traditional brands to compete by lowering prices along with margins and having to design and deliver more cost driven product, does not help the industry!
Comparison of Imports Value vs Volume Numbers of Commodity Code 92 for the 2024 full year
