Biggest Importing Industries in the UK in 2023

1. Precious Metals Production in the UK

Imports for 2023: $61.8B

Industry operators recycle gold, silver and platinum group metals from many materials. Sales of platinum group metals are heavily influenced by the performance of the automotive sector, as the commodity is a crucial input in the manufacture of catalytic converters. Platinum is more prevalent in diesel vehicles and palladium in petrol vehicles, although all catalysts contain a proportion of platinum, palladium and rhodium. Gold and silver are both used to make jewellery and have a variety of industrial uses. Furthermore, they are also popular with investors, who consider them a safe investment for their wealth, causing gold and silver prices... Learn More

2. Motor Vehicle Manufacturing in the UK

Imports for 2023: $28.6B

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

3. Aircraft, Engine & Parts Manufacturing in the UK

Imports for 2023: $20.8B

The industry is the second largest in the world after that of the United States. It is 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 advance, meaning deliveries continue even in periods of economic uncertainty.

Over the past five years, revenue has been supported by rising demand for new fuel-efficient aircraft that make use of composite materials. In addition, a significant backlog of orders aided deliveries over the period. Nevertheless, industry revenue is... Learn More

4. Clothing Manufacturing in the UK

Imports for 2023: $18.6B

Over the five years through 2022-23, industry revenue is expected to decrease at a compound annual rate of 9.2%. Historically, industry operators have relied on the strength of the Made in Britain label and the boom in emerging economies, creating a new wave of consumers with spending power, desiring British-made goods and brands such as Mulberry and Burberry. Moreover, production in the Far East is not as cost-efficient as it once was, causing several businesses to relocate production facilities closer to home. The boom in popularity of fast fashion has also afforded the industry an opportunity for expansion as consumers... Learn More

5. Petroleum Refining in the UK

Imports for 2023: $18.3B

Operators in the Petroleum Refining industry use a refining process to manufacture petrol and petroleum-based products such as Vaseline, petroleum jelly, paraffin wax and white spirit. Most refineries are geared towards petrol production and have been negatively affected by declining demand for petrol, as this led to oversupply. Some industry operators have closed refineries over the past five years, while others have aimed to find new markets for their excess petrol. A number of operators 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... Learn More

6. Computer & Peripheral Equipment Manufacturing in the UK

Imports for 2023: $16.1B

The Computer and Peripheral Equipment Manufacturing industry is highly competitive, which is displayed by low selling prices and tight profit margins. Demand for industry products has been promoted by cheap prices and the release of new and enhanced products, computer software and applications. However, computer and peripheral equipment manufacturing activity has largely shifted to countries that have access to low-cost labour and more efficient supply chains. The number of firms operating in the UK industry has consequently fallen over the past five years.

Industry revenue is estimated to decline at a compound annual rate of 1.4% over the five years through... Learn More

7. Crude Petroleum & Natural Gas Extraction in the UK

Imports for 2023: $16.0B

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

8. Pharmaceutical Preparations Manufacturing in the UK

Imports for 2023: $15.4B

Companies in the Pharmaceutical Preparations Manufacturing industry produce medications, chemical contraceptive products, medical diagnostic preparations, radioactive in-vivo diagnostic substances and biotech pharmaceuticals. The United Kingdom is one of the largest pharmaceutical markets 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 2.7% over the five years through 2022-23, including revenue growth of 2.4% in the current... Learn More

9. Communication Equipment Manufacturing in the UK

Imports for 2023: $14.5B

The world is increasingly connected. People communicate through a host of devices and services such as smartphones and computers. Connections are made via radio, TV, infrastructure and smart devices such as alarm systems, which are now often connected directly to the authorities. Communications equipment is used to establish these connections and the manufacturing of such equipment has become an increasingly important part of the global manufacturing sector. UK firms specialise in the production of high-value products, competing on quality rather than on price. Despite high global demand, the industry is in long-term decline, as cost pressures have forced manufacturers to... Learn More

10. Motor Vehicle Parts & Accessories Manufacturing in the UK

Imports for 2023: $11.2B

Before 2018-19, the Motor Vehicle Parts & Accessories Manufacturing sector benefited from aftermarket sales as the number and age of vehicles on UK roads rose. However, falling car production numbers hindered revenue growth despite a resilient aftermarket. Revenue nosedived in 2020-21 following the COVID-19 outbreak. Manufacturing plants were forced to close temporarily after the government implemented lockdown measures and reduced demand from downstream markets. Nonetheless, eased lockdown measures in April 2021 failed to support orders from the aftermarket in 2021-22. Over the five years through 2022-23, industry revenue is anticipated to tumble at a compound annual rate of 8.5% to... Learn More