Marine export growth up 4% YoY
New figures released today by British Marine have revealed the UK’s marine exports have grown by 4% to £1.5bn in 2018/19, higher than national average export growth.
The Key Performance Indicators for the leisure, superyacht & small commercial marine industry report shows that new and used boat sales now account for 78% of the industry’s exports, while exports to Europe account for 74% of the total and now stand at a value of more than £1bn.
Lesley Robinson, CEO of British Marine, stated: “We are delighted to see the marine industry continuing to prosper – providing a significant number of jobs to the UK economy. In particular, it is encouraging to see the growth of the boat manufacturing sector, which now accounts for one in four jobs in the entire sector.”
The UK’s 5,800 marine businesses directly contributed £1.4bn gross value added (GVA) to the country’s economy, an increase of 17% from 2017/18. Total industry revenue climbed to nearly £4bn in 2018/19, a 10% increase on the previous year. Boat and equipment manufacturing experienced the highest levels of growth at 15%.
The new data also highlighted the challenging environment that some parts of the sector face due to political uncertainty. The boating tourism sector in particular has experienced challenging conditions due to a Brexit-related dip in domestic consumer confidence.
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