Good news for at least some of the UK’s hard-pressed manufacturing businesses: commercial vehicle manufacturing output was 43.3% higher in March than it was during March 2014.
The increase in output came as a result of a 63% surge in UK demand and a 31% rise in export (mainly European) demand during the month, according to the latest figures, published today by the Society of Motor Manufacturers and Traders (SMMT).
The figures extend the growth we’ve seen already this year, and mean that 23,435 commercial vehicles were made in the UK during the first three months of the year, up from 19,678 during the first quarter of 2014.
Commenting on the figures, Mike Hawes, SMMT Chief Executive, said:
“The commercial vehicle sector has enjoyed a strong resurgence so far in 2015 after a subdued couple of years. Driving this readjustment is a home market invigorated by new product, increased consumer and business confidence, as well as an upturn in demand for UK-built vans and trucks across Europe.
“This growth will help return the sector to a stable natural level following major restructuring of the industry in recent years.”
Here’s an overview of the figures:
CV manufacturing | Mar-14 | Mar-15 | % Change | YTD-14 | YTD-15 | % Change |
Total | 6,732 | 9,648 | 43.3% | 19,678 | 23,435 | 19.1% |
Home | 3,109 | 5,068 | 63.0% | 9,517 | 13,041 | 37.0% |
Export | 3,495 | 4,580 | 31.0% | 10,003 | 10,394 | 3.9% |
% export | 52.9% | 47.5% | 51.2% | 44.4% |
Data courtesy of SMMT (www.smmt.co.uk)
Domestic demand was firm last year, too, but perhaps the biggest change this year is that the European market appears to be improving, after a severe decline. New commercial vehicle registrations in the EU have risen by 8.8% so far this year.
A second reason for the output growth seen so far this year is the introduction of key new models — most notably the new, Luton-built Vauxhall Vivaro, which have stimulated demand and required increased production levels after periods of disruption for retooling last year.
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