02/06/2004
The UK's automotive industry contributes 3.4 per cent to gross domestic product and automotive products make up nine percent of total export sales, according to the UK Trade and Investment Department (UK TID). In 2003, UK vehicle production rose 1.4 per cent to 1.85 million.
The automotive unit of the Department of Trade and Industry recently published figures for the first quarter to March, which showed UK new car sales rising six per cent to 756,006.
This should be heartening news for listed sellers of vehicles. The many medium- and smaller-sized companies on the market that provide components and aftermarket products should also benefit. UK TID estimates that their total export earnings now exceed £14 billion per year with a £10 billion domestic market for aftermarket products including diagnostics equipment and on-board multi-media.
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