The turnover of the UK’s aerospace industry rose by 15% to reach £13.06bn, last year.
A report from the Society of British Aerospace Companies shows that, of the UK’s main industrial sectors, aerospace has the highest export ratio. In 1996, the value of the industry’s exports jumped by 21% to £9.7bn.
The rise was largely in military sales, up from £3.9bn to £5bn. Some 74% of turnover went abroad, up from 70% in 1995.
There were 93,000 people directly involved in the industry last year, 17,000 fewer than in 1995. The SBAC said this was ‘the result of improved manufacturing techniques and the trend towards subcontracting for ad-hoc projects’.
The SBAC forecasts that employment in aerospace will begin to stabilise, after a period of low recruitment and natural wastage.