UK Leisure Marine Industry in Focus: A £2.9bn business with growth opportunities from exports and domestic sales
The UK leisure marine industry is in great shape for 2014, says Howard Pridding, Chief Executive of the British Marine Federation.
In a press statement the British Marine Federation said overseas trade increased by 7.7% in revenue from 2012/2013 which helped drive up revenue for the whole industry by 1.7% to £2.905 billion. The domestic market is set to build on this momentum in 2014, with current performance indicators recording levels not seen since before the recession.
He said: “Having exported its way back to growth, and increased the delivery of goods and services to international markets to over £1 billion last year, the sector is now poised to capitalise on the improving domestic economy.”
He added: “Some of the latest performance indicators have exceeded all our expectations and we are confident that 2014 will welcome a new period of sustained growth for the sector. UK boatbuilding is a manufacturing success story with a worldwide reputation. The recent London Boat Show was a great way to showcase this expertise while also marking the start of a new chapter for the industry.”
Importance of overseas trade
Europe and North America were the most common destinations for UK goods and services from the sector, with trade to both regions growing by almost 10% (9.6% and 9.9% respectively). In particular, strong demand for boats manufactured in the UK led the export recovery, with sales to overseas clients growing 7.9% compared to -8.3% in the previous year.
International business is forecast to continue growing through 2014. More than four in ten (42%) in the sector are already reporting a higher workload for exports, and almost as many (38%) are sitting on healthier order books for overseas clients compared to a year ago.
Surge in domestic business
Domestic business has also started to surge in the last six months, compared to the previous year. Although slower to pick up from the recession than the international market, trends for the ‘home workload’ and ‘home order value’ are now the most positive since 2007. 43% of businesses report a higher workload for UK clients over the last six months than one year ago (up from 32% in November 2012) while 38% have a higher value of the domestic order book (up from 31% last year).
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