Biggest Exporting Industries in the UK in 2023

1. Aircraft, Engine & Parts Manufacturing in the UK

Exports for 2023: $23.4B

The Aircraft, Engine and Parts Manufacturing industry revenue is forecast to fall at a compound annual rate of 3.4% to £34.5 billion over the five years through 2022-23, including an estimated revenue growth of 3.5% in the current year aided by orders of 250 Airbus aircraft from Air India. The UK industry is the second-largest in the world after that of the US. It's a major source of investment, research and development, and is particularly renowned for the production and assembly of aircraft wings and manufacture of aircraft engines. Orders for aircraft and aircraft equipment are typically placed years in... Learn More

2. Petroleum Refining in the UK

Exports for 2023: $19.4B

A number of petroleum refiners have altered their production to focus on diesel as the new primary fuel. Diesel is more fuel efficient than petrol and until recently was considered more environmentally friendly. Nevertheless, both petrol and diesel face rising competition from alternatively fuelled vehicles due to their reduced emissions, lowering demand for industry products.

Industry revenue is expected to grow at a compound annual rate of 2.7% over the five years through 2023-24 to £55.5 billion, including forecast growth of 4.1% in 2023-24. The COVID-19 pandemic led to significant contraction in demand for fuel. Global border and travel restrictions took... Learn More

3. Motor Vehicle Manufacturing in the UK

Exports for 2023: $18.8B

The Motor Vehicle Manufacturing industry has declined over the past five years. Car sales have dipped because of households tightening their budgets. Car production output fell by 14.2% and engines fell by 7.2% in 2019, when compared to the previous year, according to the SMMT. The COVID-19 outbreak deepened the industry's troubles with output falling by 29.3% in 2020, when compared to 2019. Revenue is forecast to fall at a compound annual rate of 5.9% to £46.6 billion over the five years through 2022-23, including a projected decline of 2% in the current year.

The car production industry has been plagued... Learn More

4. Pharmaceutical Preparations Manufacturing in the UK

Exports for 2023: $17.0B

The UK is one of the largest pharmaceutical producers in the world, so the industry commands an important position in both the global pharmaceutical market and the UK economy. A large proportion of revenue is derived from export sales, but the value of exports has declined over the past five years.

Industry revenue is expected to grow at a compound annual rate of 3.2% over the five years through 2023-24, including revenue growth of 4.3% in the current year, to reach £25.5 billion. Many major large drug makers have rationalised their business strategies to rely less on high-revenue patent drugs. This... Learn More

5. Crude Petroleum & Natural Gas Extraction in the UK

Exports for 2023: $9.8B

UK oil and gas production has diminished over the past decade because old oil fields have matured and it has become increasingly challenging to develop new commercially viable sources. Extractors have pooled their resources and formed partnerships, enhancing efficiency. Some extractors have benefited from previous investments in fields coming onstream. Revenue has swelled at an expected compound annual rate of 4.4% to £28.9 billion over the five years through 2022-23. This includes a projected growth of 32.1% in 2022-23.

In 2020-21, revenue tanked because of the COVID-19 outbreak. Lockdowns across the world led to oversupply and a standstill in demand, causing... Learn More

6. Off-Road Vehicle Manufacturing in the UK

Exports for 2023: $7.2B

The Off-Road Vehicle Manufacturing revenue is forecast to decrease at a compound annual rate of 6.2% to £15.1 billion over the five years through 2022-23, including revenue growth of 1.4% in the current year. Economic uncertainty and weak consumer confidence contributed to year-on-year declines in revenue up to 2019-20. The COVID-19 pandemic led to a steep drop in revenue as car makers halted production and export demand fell off a cliff.

Car manufacturing output, including the production of sport utility vehicles (SUVs) and crossover-utility vehicles (CUVs), has fallen since 2017-18, because of lower investment. Production of Nissan's flagship SUV, the Nissan... Learn More

7. Precious Metals Production in the UK

Exports for 2023: $6.8B

The Precious Metals Production industry's revenue is forecast to expand at a compound annual rate of 14.3% over the five years through 2023-24 to £279.4 million. Higher-than-normal precious metal prices mean that smaller companies have been able to operate with only a handful of staff while still making enough money to keep going. However, as gold and silver are used less in film and digital technology, the amount of precious metals recoverable from scrap has fallen, raising purchasing costs and somewhat limiting growth.

The COVID-19 pandemic caused worried investors to flock to precious metals like gold and silver thanks to their... Learn More

8. Chemical Product Manufacturing in the UK

Exports for 2023: $5.4B

Most chemical products are used as inputs in downstream industries, particularly in the manufacturing and pharmaceutical sectors. Industrial production and the world price of crude oil can influence domestic demand for chemical products. Still, the high rate of international trade means that industry revenue largely correlates with export trends. Revenue is expected to contract at a compound annual rate of 1.4% to £4.9 billion over the five years through 2022-23. Revenue contraction has been caused primarily by the effects of COVID-19.

Before the pandemic, rising global prices of crude oil drove prices up as most of the costs were passed to... Learn More

9. Spirit Production in the UK

Exports for 2023: $5.0B

The UK Spirit Production industry is in decline due to facing some pandemic- and inflation-related turbulence. The rising number of Britons looking for quality over quantity and locally-distilled spirits is driving strong growth in the number of craft distilleries entering the industry.

Industry revenue is falling at a compound annual rate of 0.9% over the five years through 2022-23 to approximately £5.4 billion, including growth of 2.2% in 2022-23. The temporary shutdown of the hospitality sector removed a big chuck of industry revenue that began recovering following the lifting of restrictions. Large industry players are rapidly expanding their market share by... Learn More

10. Whisky Production in the UK

Exports for 2023: $5.0B

The Whisky Production industry is dominated by the production of Scotch single malt and Scotch blended whisky. Scotch whisky can only be produced in Scotland according to strict regulatory standards, which restricts the supply of Scotch whisky and increases premiumisation. growing popularity of whisky has enticed a number of new distillers into the market recently, making the industry more fragmented, though the largest distillers – notably Diageo and Chivas Brothers – still hold big shares of the market,

Over the five years through 2023-24, industry revenue is expected to grow at a compound annual rate of 2.3% to £4.9 billion, including... Learn More