Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Industries with the Biggest Decline in Imports in the UK in 2024
Want to see more industries with the biggest decline in imports?
View a list of the Top 25 industries with the biggest decline in importsDecline in Imports for 2024: -74.5%
Over the five years through 2022-23, hard coal mining revenue is forecast to fall at a compound annual rate of 26.2%. Before COVID-19 hit, coal prices were inching downwards as demand for coal from electricity generators fell. The drop in sales and revenue has contributed to a sharp drop in the number of UK coal mines in the UK, with numerous mining licences expiring.
The COVID-19 outbreak accelerated the closure of coal mines in the UK; however, as the pandemic started to wind down, coal prices rose in response to supply chain disruptions. Russia's invasion of Ukraine has also played a... Learn More
Decline in Imports for 2024: -25.8%
Over the five years through 2023-24, office and shop furniture manufacturing revenue is forecast to contract at a compound annual rate of 4% to £2.1 billion. Economic uncertainty caused by the Brexit vote encouraged businesses to manage spending budgets with greater caution, restricting sales of office and shop furniture. Similarly, commercial construction activity weakened, reducing the number of commercial premises needing to be furnished. These uncertainties were worsened by the COVID-19 pandemic, as businesses prioritised cashflow, causing spending to be reduced and investments or projects to be postponed or even cancelled.
During 2023-24, revenue is forecast to grow by 4.1%. Business... Learn More
Decline in Imports for 2024: -24.8%
Basic pharmaceutical product manufacturing is an integral part of the pharmaceutical supply chain and the pharmaceutical sector's research and development process. Over the five years through 2023-24, industry revenue is expected to increase at a compound annual rate of 5.6% to reach £2.9 billion, including forecast growth of 6.2% in 2023-24. Sales have been supported by pharma companies modernising their manufacturing processes and rationalising their product portfolios. Despite this, many multinationals have continued to offshore production to developing countries with lower costs, holding revenue back.
The industry is heavily reliant on healthcare spending, so it's benefitted from the ageing population in... Learn More
Decline in Imports for 2024: -24.4%
Over the five years through 2022-23, the Fertiliser and Nitrogen Compound Manufacturing industry's revenue is set to swell at a compound annual rate of 10.6% to £2.7 billion. The Russian invasion of Ukraine has inflated natural gas prices, a key feedstock in fertiliser production, significantly disrupting operations. High fertiliser prices have forced farmers to adapt by increasing their spreading efficiency, reducing the amount of fertiliser farmers need. Even though output has been slashed, high fertiliser prices have still boosted industry revenue.
Despite soaring natural gas prices eating into profit, manufacturers have begun optimising output to reduce costs, meet lower demand and... Learn More
Decline in Imports for 2024: -21.2%
The UK is one of the largest pharmaceutical producers in the world, so the industry commands an important position in both the global pharmaceutical market and the UK economy. A large proportion of revenue is derived from export sales, but the value of exports has declined over the past five years.
Industry revenue is expected to grow at a compound annual rate of 3.2% over the five years through 2023-24, including revenue growth of 4.3% in the current year, to reach £25.5 billion. Many major large drug makers have rationalised their business strategies to rely less on high-revenue patent drugs. This... Learn More
Decline in Imports for 2024: -20.8%
Over the five years through 2022-23, revenue is expected to grow at a compound annual rate of 5.7%. The oversupply of cheap steel on the global market has threatened revenue but also lowered costs. A strong recovery in the construction sector has driven the growth in steel processing following the COVID-19 outbreak. Steel product manufacturers struggled with foreign steel import quotas and while there are no longer tariffs on UK steel exported to the US, EU restrictions have been damaging.
The Russian invasion of Ukraine means energy bills have skyrocketed, which increased not only operational costs but also the cost of... Learn More
Decline in Imports for 2024: -18.5%
Over the five years through 2023-24, the clothing manufacturing industry is expected to contract at a compound annual rate of 5.4% to £2.2 billion. Before the pandemic, manufacturers relied on the strength of the Made in Britain label and the boom in emerging economies, creating a new wave of consumers with spending power, desiring British-made goods and brands like Mulberry and Burberry. While production in the Far East is not as cost-efficient as it once was, imports have remained a significant share of the domestic clothing market, hindering industry growth prospects. Nonetheless, the number of manufacturers entering the industry has... Learn More
Decline in Imports for 2024: -18.3%
Pasta product manufacturing revenue is expected to rise at a compound annual rate of 3.5% over the five years through 2022-23 to reach £130.8 million. Industry growth has largely come from new product development and heightening demand for fresh pasta. The perceived superiority of Italian-made pasta and the fact that many Italian producers have firmly cemented themselves in the market limits sales for UK pasta product manufacturers, especially in the dried pasta market.
Although some manufacturers have adapted to changing consumer tastes for alternative flours, this shift has been fairly slow. Local manufacturers are being forced to compete with Italian producers... Learn More
Decline in Imports for 2024: -16.4%
Hollow glass is used to bottle, store and pack food and beverages sold by downstream retailers and hospitality establishments. This industry also caters to the packing need of cosmetics, perfume and pharmaceutical markets, with other applications included the production of stemware and tableware. Demand for hollow glass products is ultimately determined by levels of private consumption, which is dictated by factors like consumer confidence and disposable income.
Revenue is set to increase at a compound annual rate of 2.2% to reach £1.2 billion over the five years through 2022-23. Operators have capitalised on the war on plastic by offering an alternative... Learn More
Decline in Imports for 2024: -16.4%
Revenue is forecast to climb at a compound annual rate of 2.6% over the five years through 2023-24 to £252.9 million. Revenue spiked following a surge in demand related to the pandemic, especially from the healthcare sector. Healthcare establishments quickly worked through PPE supplies amid an uptick of hospitalisations and increasing standards and guidelines for the use of PPE. Even after restrictions started to ease demand remained elevated as establishments sought to replenish their depleted supplies.
In 2023-24, revenue is expected to dip by 8.8%. Falling sales as demand conditions begin to normalise following inflated sales related to the pandemic. A... Learn More
Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries by Employment in the UK in 2024
VIEW ARTICLEBased on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries By Revenue in the UK in 2024
VIEW ARTICLEDownload a free sample report today to discover the breadth and depth of information available at your fingertips!
GET SAMPLE REPORT