A new report published by the Society of Motor Manufacturers and Traders (SMMT) says that vehicles as the UK’s single most valuable goods trade export.

According to the organization, vehicle export revenues reached £27 billion in 2020, making them more valuable to the UK than power-generating machinery and gold, despite the Covid-19 pandemic.

The UK automotive sector generated a total trade revenue of £74 billion. More than 80% of British-built cars and more than 60% of light commercial vehicles are destined for export, the SMMT said.

‘As the world re-emerges from the pandemic, the diversity and importance of Britain’s automotive industry is the UK’s competitive advantage for restarting growth, creating jobs and tackling climate change,’ said Mike Hawes, SMMT chief executive.

This story uses material from the SMMT, with editorial changes made by Materials Today.