Biggest Importing Industries in the UK in 2024

1. Precious Metals Production in the UK

Imports for 2024: $47.9B

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

2. Motor Vehicle Manufacturing in the UK

Imports for 2024: $44.9B

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. Crude Petroleum & Natural Gas Extraction in the UK

Imports for 2024: $24.5B

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

4. Petroleum Refining in the UK

Imports for 2024: $22.3B

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

5. Communication Equipment Manufacturing in the UK

Imports for 2024: $18.3B

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 manufacturing such equipment is a vital component of the global manufacturing sector. UK firms specialise in producing high-value products, competing on quality rather than price. Despite high global demand, the industry is in long-term decline, as cost pressures have forced manufacturers to relocate offshore.

Over the five years through... Learn More

6. Computer & Peripheral Equipment Manufacturing in the UK

Imports for 2024: $14.7B

The Computer and Peripheral Equipment Manufacturing industry is highly competitive, displayed by its low selling prices and tight profitability. These cheap prices, as well as the release of new and enhanced products, computer software and applications, have helped to drive sales. However, computer and peripheral equipment manufacturing activity has largely shifted to countries with low-cost labour and more efficient supply chains.

Revenue is estimated to decline at a compound annual rate of 1.1% over the five years through 2022-23 to £2.7 billion, largely due to falling unit prices and high import penetration. Manufacturers have had some respite in the form... Learn More

7. Clothing Manufacturing in the UK

Imports for 2024: $14.2B

Over the five years through 2023-24, the clothing manufacturing industry is expected to contract at a compound annual rate of 5.4% to £2.2 billion. Before the pandemic, manufacturers 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 like Mulberry and Burberry. While production in the Far East is not as cost-efficient as it once was, imports have remained a significant share of the domestic clothing market, hindering industry growth prospects. Nonetheless, the number of manufacturers entering the industry has... Learn More

8. Pharmaceutical Preparations Manufacturing in the UK

Imports for 2024: $13.7B

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

9. Motor Vehicle Parts & Accessories Manufacturing in the UK

Imports for 2024: $13.0B

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

10. Off-Road Vehicle Manufacturing in the UK

Imports for 2024: $9.2B

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