The UK remains a net exporter of construction and earthmoving equipment, both in weight and financial terms. In Q3, the trade surplus increased to £381 million, the highest quarterly level since 2014. In the first nine months of 2017, the export surplus has shown a 33% increase on the same period in 2016.
The US remained top destination for UK exports in the first quarter, accounting for 23% of total exports on a £ value basis. Exports to the European Union’s 28 member countries increased to 44% of total exports on a £ value basis, compared with 41% in 2016.
Imports of equipment showed a reduction in Q3, following the same seasonal pattern as the past two years, “peaking” in April-June quarter and “bottoming” in October-December.