EXPORTS ARE VITAL TO REBALANCE OUR ECONOMY
• As a consequence of importing far more than it exports, the UK has a large trade deficit, which successive UK governments regularly identify as a problem for the country’s economy. Our aerospace sector reduces the deficit by £34 billion each year. Exports are a valuable aspect of the economy and are not adversely affected by the current weakness of sterling or the UK economy.
Aerospace exports as % of total UK output
56 58 60 62 64 66 68 70 72 74
2013 2014 2015 2016 2017 2018 2019 2020
• Aircraft represented 3.9 per cent of the UK's total exports in 2019, at a value of £14.4 billion. Aerospace is key for reducing the UK’s trade deficit. As the graph below shows, the proportion of the UK aerospace sector output that is exported is significant.
• Aircraft related goods accounted for 1.7 per cent of the UK's total imports in 2019, worth £8.3 billion.
20
% of UK's aerospace output that is exported
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