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Financial News: UK Car Production Falls For First Time In

UK Car Production Falls For First Time In 8 Years: SMMT

01/31/2018 - 06:11:00 (RTTNews)

(RTTNews) - UK car production declined for the first time in eight years in 2017, the Society of Motor Manufacturers and Traders said Wednesday.

In 2017, car production decreased 3 percent compared to 2016. At around 1.67 million vehicles rolled off production lines in 2017, this was still the second highest output in 17 years.

The decline was caused by a 9.8 percent decrease in production for domestic market. Output for exports also declined in 2017, but at a slower pace of 1.1 percent.

Data showed that overseas demand continued to dominate production, accounting for 79.9 percent of all UK car output, the highest proportion for five years.

The EU remained the UK's biggest trading partner, taking more than 50 percent of exports.

In the month of December, car production logged a double-digit decrease of 11.7 percent.

SMMT restated the need for urgent clarity on Brexit transition, as new calculations show over 10 percent of exports could be at risk on March 30, 2019 unless all current trading arrangements are secured.

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