The value of UK car exports has doubled in the last 10 years to over �24 billion.

Value of UK car exports doubles over 10 years to �24bn

Income generated by UK car exports has more than doubled in the last 10 years, the motor industry has announced.

Global markets spent £24.8 billion on UK-built cars in 2013 compared with £12 billion in 2004, the Society of Motor Manufacturers and Traders (SMMT) reported.

The average wholesale value of each exported car rose from £10,200 in 2004 to £20,640 last year. This equates to more than £47,000 a minute generated by UK car manufacturers in exports in 2013.

UK manufacturers produced more than 1.5 million cars last year and are on track to surpass the all-time record by producing over two million cars by 2017.

Approximately 80 per cent of cars built in the UK are exported, half of which are destined for countries in the rest of the EU.

Exports to wider global markets have also increased over the past decade, helped by both the growing worldwide demand for premium vehicles and the significant investment committed to the UK by global manufacturers.

The SMMT said the UK had been quick to react to global car buying trends and the booming demand for premium vehicles worldwide had led to a shift in the manufacturing landscape.

In volume terms, 28.9 per cent of the UK's exports were made up of premium and specialist brands in 2004, increasing to 42.4 per cent by 2013.

SMMT chief executive Mike Hawes said: “Countries around the world are spending twice what they were 10 years ago on UK-built cars. This reflects the thriving nature of our domestic industry and our global reputation for engineering expertise.

“With booming production volumes and the increasing value of UK car manufacturing, we are enjoying healthy demand from both growing and established markets.

"We want this success to continue but urgently need more young people to join our industry, working in every area from design and engineering to manufacturing and retail.”

The figures were released as the SMMT held its first international automotive summit at Canary Wharf in London.

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