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Financial News: UK Car Production Plunges On Weak Exports: SMMT

UK Car Production Plunges On Weak Exports: SMMT

08/29/2019 - 01:28:00 (RTTNews)

(RTTNews) - UK car production declined for the 14th consecutive month in July reflecting a notable contraction in foreign demand, data published by the Society of Motor Manufacturers and Traders, or SMMT, showed Thursday.

Car production was down 10.6 percent from last year to 108,239 units in July as ongoing weakness in major EU and Asian markets coupled with some key model changes affected performance, the lobby said.

Mike Hawes, SMMT chief executive, said another month of decline is a 'serious' concern. The sector is overwhelmingly reliant on exports and the global headwinds are strong, with escalating trade tensions, softening demand and significant technological change, he noted.

Although exports declined 14.6 percent on year in July, still 8 in every 10 cars shipped overseas. Foreign demand remained the main driver of overall volumes.

Meanwhile, domestic demand grew 10.2 percent following weak July 2018 when a raft of factors affected production. In July 2018, output for domestic market declined sharply by 35.1 percent.

Hawes said UK need a Brexit deal to unlock investment and to maintain its global competitiveness.

In the year-to-date period, nearly 774,760 cars have been manufactured, 180,864 fewer than in the same timeframe last year and representing a fall of 18.9 percent, data revealed.

As exports accounted for the vast majority of orders, a 20.2 percent decrease in shipment was primarily responsible for the overall fall in output. On the other hand, production for the UK was down 13.5 percent.

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