In 2006, exports of manufacturing technology equipment from the UK were worth £1.021 billion, an increase of +9% on the 2005 level. On the same basis, imports rose by +15% to reach £1.063 billion. This gives the UK a trade deficit of -£42.4 million compared to a surplus of +£13.2 million in 2005.
Andrew Manly, MTA Director General commented: "The move from surplus to deficit reflects the strength of the UK market during 2006 which generates a significant increase in imports. However, at the same time, exports also increased, which shows that the UK is able to play its part in the world market for engineering goods which was buoyant last year."
Within this total, exports of metal working machine tools from the UK were worth £477.8 million, also +9% higher than in 2005; imports increased by +24% (which is broadly in line with the UK market) to £500.9 million, giving a deficit for machine tools of -£23.1 million.
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