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In an inspiring turn of events, the UK's manufacturing sector has made a significant leap in the global rankings, overtaking France to claim the eighth position. This achievement, highlighted in the latest 'Manufacturing – The Facts' report from @MakeUK, is not just a statistic; it represents the resilience, innovation, and continuous growth of our sector.
Let's delve into what this means for us at Hone-All and the wider manufacturing community.
UK Manufacturing: A Global Contender
According to the report, the UK's manufacturing output was valued at a remarkable £224 billion in 2022. This growth is a testament to the sector's robustness and its critical role in the economy. Notably, aerospace and transportation performance, industries closely aligned with our work at Hone-All, saw a remarkable 27.9% increase in exports, underscoring their economic significance.
Exports and Economic Contribution
Despite the challenges posed by recent global events, six of the top ten markets for UK exports continue to be in the EU, indicating the enduring strength of these trade relationships. This is encouraging for businesses like ours, and many other SMEs, who rely on both domestic and international partnerships.
Redefining Manufacturing Careers
Contrary to outdated perceptions, manufacturing jobs are now among the best paid, surpassing both the service sector and the economy's overall average. The report states the average manufacturing salary is nearly 10% higher than the economy's average. This is a crucial point to emphasise in attracting young talent and redefining the image of manufacturing careers.
Regional Highlights: The East of England's Contribution
The East of England, with its diverse range of industries, including advanced manufacturing, is a vital part of the UK's manufacturing landscape. Although not as large as the Northwest in terms of manufacturing output, the region is known for its innovation and technical expertise, particularly in areas such as aerospace and precision engineering – sectors that Hone-All directly contributes to. This regional success story is an integral part of our identity at Hone-All, reflecting our commitment to excellence, innovation, and the growth of the local economy.
The ascent of UK manufacturing in the global rankings is more than just a triumph; it's a clarion call for continued innovation, investment, and dedication.
At Hone-All, we're proud to be part of an industry that is not only thriving but also leading the way in economic growth and employment. As we look to the future, let's continue pushing the boundaries, investing in our workforce, and forge strong partnerships within the UK and beyond.
For more information on UK Manufacturings Rise in Global Rankings What It Means for our Industry talk to Hone-All Precision Ltd