UK and European figures reveal excellent results for machine tool industry in 2007
The MTA has launched its new Basic Facts document, the annual performance and statistical guide to the UK's machine tool and metalforming and metalcutting industries.
Despite the dark cloud of the credit crunch that loomed over the economy, the sector has still performed well both in the UK and Europe.
The UK machine tool market reported stronger than expected growth of 7.2% during 2007 and the current forecast for 2008 is a similar figure. The sector currently sits at 13th in the world league table for production and 9th in the exporters table.
The European picture also looks positive, the European Committee for the Co-operation of the Machine Tool Industries (CECIMO) has just confirmed that the production of machine tools in CECIMO countries experienced its highest growth rate rise ever achieved of 14% in 2007, reaching a €22.7b volume. These countries lead the global machine tools market with a 44% market share, compared to 42% in 2006. Mr. Javier Eguren, President of CECIMO states: '2007 has been the best year ever for the European machine tool industry, increasing our world production share through a smart partnership with our customers' competitiveness'.
In addition, 37% of machine tools produced by CECIMO countries were exported outside of Europe. The UK saw a slightly different trend with exports to EU countries increasing by 23% in 2006 balanced by a reduction in exports to other key non-European markets. Exports were backed up by a 19% European rise in imports and an equally significant rise for the UK of 34% in imports from the EU, which was partially due to large one-off arrivals of CNC presses from Germany.
