Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Exporting Industries in the UK in 2024
The 10 Biggest Exporting Industries in the UK
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1. Precious Metals Production in the UK
Exports for 2024: $63.5B
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
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2. Motor Vehicle Manufacturing in the UK
Exports for 2024: $28.8B
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
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3. Pharmaceutical Preparations Manufacturing in the UK
Exports for 2024: $15.4B
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
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4. Crude Petroleum & Natural Gas Extraction in the UK
Exports for 2024: $12.8B
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
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5. Petroleum Refining in the UK
Exports for 2024: $11.0B
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
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6. Off-Road Vehicle Manufacturing in the UK
Exports for 2024: $8.9B
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
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7. Measuring, Testing & Navigational Equipment Manufacturing in the UK
Exports for 2024: $8.4B
In the UK, several successful manufacturers are pioneering world-leading technologies. The Measuring, Testing and Navigational Equipment industry's high level of globalisation has provided some revenue opportunities but has left manufacturers vulnerable to exchange rate fluctuations. International trade plays a vital part, with a large proportion of revenue from outside the UK.
Over the five years through 2023-24, revenue is expected to decline at a compound annual rate of 0.4% to £13.3 billion, including growth of 3% in 2023-24. The COVID-19 outbreak caused revenue to plunge during 2020-21. Following a solid resurgence in 2021-22, revenue grew in 2022-23, driven by healthy demand... Learn More
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8. Spirit Production in the UK
Exports for 2024: $6.9B
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
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9. Whisky Production in the UK
Exports for 2024: $5.9B
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
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10. Engine & Turbine Manufacturing in the UK
Exports for 2024: $5.4B
Over the five years through 2022-23, revenue is projected to dip at a compound annual rate of 5.4% to £5.9 billion. Efforts to decarbonise the global supply chain have supported the demand for energy-efficient turbines. In 2021, the UK led the installation of new wind turbines in Europe, with 2,317 new offshore wind installations and 328 new onshore wind installations, indicating strong sales in renewable energy markets. Yet, import penetration has remained high and hindered manufacturing performance. Challenging trading conditions in global industrial markets have resulted in substantial revenue volatility.
In 2022-23, revenue is anticipated to balloon by 7.7% thanks to... Learn More
More Industry Trends
Biggest Industries by Employment in the UK in 2024
Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries by Employment in the UK in 2024
VIEW ARTICLEBiggest Industries By Revenue in the UK in 2024
Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries By Revenue in the UK in 2024
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