Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Industries with the Biggest Decline in Imports in the UK in 2024
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View a list of the Top 25 industries with the biggest decline in importsDecline in Imports for 2024: -74.5%
Over the five years through 2022-23, hard coal mining revenue is forecast to fall at a compound annual rate of 26.2%. Before COVID-19 hit, coal prices were inching downwards as demand for coal from electricity generators fell. The drop in sales and revenue has contributed to a sharp drop in the number of UK coal mines in the UK, with numerous mining licences expiring.
The COVID-19 outbreak accelerated the closure of coal mines in the UK; however, as the pandemic started to wind down, coal prices rose in response to supply chain disruptions. Russia's invasion of Ukraine has also played a... Learn More
Decline in Imports for 2024: -40.3%
Electronic components are ubiquitous in modern life. A vast range of appliances, from computers and mobile phones to TVs and cars, use electronic components. They are present in infrastructure, like traffic lights and alarm systems, and in medical equipment, industrial machinery and solar panels. Although UK companies design a considerable number of new electronic components, the UK industry is not considered to be a global market leader. There has been a tendency to outsource manufacturing away from the UK and, in some cases, to stop physical manufacturing altogether. Instead, there's focus on the production and sale of intellectual property in... Learn More
Decline in Imports for 2024: -26.5%
Basic pharmaceutical product manufacturing is an integral part of the pharmaceutical supply chain and the pharmaceutical sector's research and development process. Over the five years through 2023-24, industry revenue is expected to increase at a compound annual rate of 5.6% to reach £2.9 billion, including forecast growth of 6.2% in 2023-24. Sales have been supported by pharma companies modernising their manufacturing processes and rationalising their product portfolios. Despite this, many multinationals have continued to offshore production to developing countries with lower costs, holding revenue back.
The industry is heavily reliant on healthcare spending, so it's benefitted from the ageing population in... Learn More
Decline in Imports for 2024: -26.1%
Revenue is expected to contract at a compound annual rate of 1.6% to £11 billion over the five years through 2023-24. The pandemic significantly disrupted downstream manufacturing activity, as buyers had lower production, reducing the need for organic basic chemicals used as intermediate products. The temporary closure of construction sites across the UK during the COVID-19 outbreak meant sales of organic basic chemicals used to make plastic piping, wire coatings, insulation and other construction products fell, dampening revenue.
The Russian invasion of Ukraine hiked the price of key inputs like crude oil and natural gas. While high gas and oil prices... Learn More
Decline in Imports for 2024: -25.8%
Over the five years through 2023-24, office and shop furniture manufacturing revenue is forecast to contract at a compound annual rate of 4% to £2.1 billion. Economic uncertainty caused by the Brexit vote encouraged businesses to manage spending budgets with greater caution, restricting sales of office and shop furniture. Similarly, commercial construction activity weakened, reducing the number of commercial premises needing to be furnished. These uncertainties were worsened by the COVID-19 pandemic, as businesses prioritised cashflow, causing spending to be reduced and investments or projects to be postponed or even cancelled.
During 2023-24, revenue is forecast to grow by 4.1%. Business... Learn More
Decline in Imports for 2024: -24.4%
Over the five years through 2022-23, the Fertiliser and Nitrogen Compound Manufacturing industry's revenue is set to swell at a compound annual rate of 10.6% to £2.7 billion. The Russian invasion of Ukraine has inflated natural gas prices, a key feedstock in fertiliser production, significantly disrupting operations. High fertiliser prices have forced farmers to adapt by increasing their spreading efficiency, reducing the amount of fertiliser farmers need. Even though output has been slashed, high fertiliser prices have still boosted industry revenue.
Despite soaring natural gas prices eating into profit, manufacturers have begun optimising output to reduce costs, meet lower demand and... Learn More
Decline in Imports for 2024: -23.7%
The Primary Form Plastics Manufacturing industry's revenue is set to dip at a compound annual rate of 1.2% over the five years through 2022-23 to £5.3 billion; it's forecast to swell by 2.6% in 2022-23. Petroleum is a key input for most plastic products, so revenue and profitability can move in line with oil prices, which are historically very volatile. For example, a drop in the price of crude oil in 2018-19 enabled plastic manufacturers to increase average selling prices slightly, supporting growth in industry revenue but slashing profit.
The COVID-19 pandemic caused a slump in plastic manufacturers' output in 2020-21,... Learn More
Decline in Imports for 2024: -21.2%
The UK is one of the largest pharmaceutical producers in the world, so the industry commands an important position in both the global pharmaceutical market and the UK economy. A large proportion of revenue is derived from export sales, but the value of exports has declined over the past five years.
Industry revenue is expected to grow at a compound annual rate of 3.2% over the five years through 2023-24, including revenue growth of 4.3% in the current year, to reach £25.5 billion. Many major large drug makers have rationalised their business strategies to rely less on high-revenue patent drugs. This... Learn More
Decline in Imports for 2024: -20.8%
Over the five years through 2022-23, revenue is expected to grow at a compound annual rate of 5.7%. The oversupply of cheap steel on the global market has threatened revenue but also lowered costs. A strong recovery in the construction sector has driven the growth in steel processing following the COVID-19 outbreak. Steel product manufacturers struggled with foreign steel import quotas and while there are no longer tariffs on UK steel exported to the US, EU restrictions have been damaging.
The Russian invasion of Ukraine means energy bills have skyrocketed, which increased not only operational costs but also the cost of... Learn More
Decline in Imports for 2024: -18.9%
The Recreational Boat and Yacht Building industry has registered a mixed performance due to pandemic-related disruptions. The most important market for the industry is high-net-worth individuals, both domestic and international. The weak pound in 2018-19 caused foreign clients to bring forward purchases, bolstering order books. In 2020-21, the COVID-19 outbreak deiminated revenue as production was stopped and orders dried up because of lockdowns. Revenue is projected to fall at a compound annual rate of 0.4% to £1.2 billion over the five years through 2023-24, including growth of 2.3% in 2023-24.
Orders recovered in 2021-22 as global lockdown measures eased. Boat builders... Learn More
Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries by Employment in the UK in 2024
VIEW ARTICLEBased on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries By Revenue in the UK in 2024
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