Barclays: total value of UK goods exports to reach £445bn in 2026
The share of services in total UK exports is expected to hit parity with goods from 2026 - up from 44% in 2016 - marking the tipping point when British exports will largely become service-led, according to the Barclays Trade Index. This milestone will be reached due to continued positive growth in service exports, which will grow in aggregate more rapidly than goods exports.
Despite this shift, goods exports will remain a critical part of the UK’s trading economy, with healthy growth of 46% forecast for the next decade, taking the total value of UK goods exports in 2026 to £445bn compared to £305bn today.
Mike Rigby, Head of Manufacturing, Transport and Logistics at Barclays, said: “Within the goods sector, the transport industry is expected to set the pace in terms of growth over the next decade, largely driven by strong performances in the automotive and aerospace sub-sectors which we expect to continue to show solid production and export trends. Significant investment in technology and innovation in both industries provides a strong foundation for future growth.
"As well as the growing importance of the UK as a global services hub, the traditional UK stronghold on goods remains, particularly for industries producing higher-value, higher margin products.
“With the outlook for global growth, and UK trade, over the coming years not as clear as it has been for some time, as always there will be countries offering potential opportunities to UK exporters. Transatlantic trade leads the way with the US set to remain our largest individual trade partner over the next ten years with countries in the EU another key export destination for UK companies. Yet, there will also be increasing opportunities for trade with markets such as India and Indonesia, both of which are large markets with strong growth prospects, alongside China, a trade destination which in our Index is forecast to jump to be the UK’s 6th largest export market in 2026, from 16th in 2006.”
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Ultium Cells LLC/Li-Cycle: Sustainable Battery Manufacturing
Ultium Cells LLC - a joint venture between General Motors and LG Energy Solutions - has announced its latest collaboration with Li-Cycle. Joining forces the two have set ambitions to expand recycling in North America, recycling up to 100% of the scrap materials in battery cell manufacturing
What is Ultium Cells LLC?
Announcing their partnership in December 2019, General Motors (GM) and LG Energy Solutions established Ultium Cells LLC with a mission to “ensure excellence of Battery Cell Manufacturing through implementation of best practices from each company to contribute [to the] expansion of a Zero Emission propulsion on a global scale.”
Who is Li-Cycle?
Founded in 2016, Li-Cycle leverages innovative solutions to address emerging and urgent challenges around the world.
As the use of Lithium-ion rechargeable batteries in automotive, industrial energy storage, and consumer electronic applications rises, Li-Cycle believes that “the world needs improved technology and supply chain innovations to better recycle these batteries, while also meeting the rapidly growing demand for critical and scarce battery-grade materials.”
Why are Ultium Cells LLC and Li-Cycle join forces?
By joining forces to expand the recycling of scrap materials in battery cell manufacturing in North America, the new recycling process will allow Ultium Cells LLC to recycle cobalt, nickel, lithium, graphite, copper, manganese and aluminum.
“95% of these materials can be used in the production of new batteries or for adjacent industries,” says GM, who explains that the new hydrometallurgical process emits 30% less greenhouse gases (GHGs) than traditional processes, minimising the environmental impact. Use of this process will begin later in the year (2021).
"Our combined efforts with Ultium Cells will be instrumental in redirecting battery manufacturing scrap from landfills and returning a substantial amount of valuable battery-grade materials back into the battery supply chain. This partnership is a critical step forward in advancing our proven lithium-ion resource recovery technology as a more sustainable alternative to mining, " said Ajay Kochhar, President, CEO and co-founder of Li-Cycle.
"GM's zero-waste initiative aims to divert more than 90% of its manufacturing waste from landfills and incineration globally by 2025. Now, we're going to work closely with Ultium Cells and Li-Cycle to help the industry get even better use out of the materials,” added Ken Morris, Vice President of Electric and Autonomous Vehicles, GM.
Since 2013, GM has recycled or reused 100% of the battery packs it has received from customers, with most current GM EVs repaired with refurbished packs.
"We strive to make more with less waste and energy expended. This is a crucial step in improving the sustainability of our components and manufacturing processes,” concluded Thomas Gallagher, Chief Operating Officer, Ultium Cells LLC.