CV Manufacturing Declines in July, but Exports Remain Steady In 2017
UK commercial vehicle (CV) manufacturing fell -26.1% in July according to figures released today by the Society of Motor Manufacturers (SMMT). 6,499 vans, trucks, buses and coaches were built in Britain last month, a result of fluctuating fleet buying cycles, which are a natural feature of the market.
British demand eased – with production for the home market down -27.0% – following a significant period of growth, with figures echoing trends seen in UK van registration figures. Meanwhile, the volume manufactured for export also fell by -25.3%.
While less substantial, year-to-date production also saw a decline, with output down -10.9% to 50,281 units. However, production for export stayed steady, rising 5.9% in 2017 with 31,419 units shipped internationally already in 2017 – the vast majority to Europe.
Mike Hawes, SMMT Chief Executive, said, “With the UK commercial vehicle market stabilising following a long period of strong growth, it is unsurprising to see this reflected in British manufacturing – especially when considering the impact large fleet orders can have on monthly figures. Looking at the longer-term, we expect volumes to stabilise as the sector continues to benefit from significant international demand.”