Bulletin

Toys are us as UK manufacturing soars by £12.5bn

Analysis by Santander has shown that manufacturing sales have increased by £12.5bn, driven by car and toy-makers. Toys and games were the fastest-growing manufacturing sector with production worth £273m in 2013 compared to £155m in 2012, up 76.1% year-on-year and a six-year high for toy-makers. Motor vehicles - including trailers - saw the biggest increase in absolute sales, up £5.7bn, whilst vehicles worth £33.9bn were produced in 2013 compared to £28bn in 2012. Other fast-growing manufacturing sectors included parquet flooring (66.7% growth) and starches and starch products (23.8%). The bank's report also showed total sales by manufacturers reached nearly £355bn in 2013, up 3.7% from £342bn in 2012. Charles Garfit, head of manufacturing at Santander Corporate & Commercial, said: 'This analysis shows clearly that UK productive industries are in good health. 'While the markets have concerns about the falling oil prices, this is actually great news for producers and small and medium-sized enterprises, which will see reduced costs as a result. This positive trend for growth in UK manufacturing could well continue should the oil price remain at a subdued level.'

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

 

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