China leads world’s production with $5.06 trn output
Sopuruchi Onwuka
China has been declared undisputed global manufacturing champion, churning out about a third of goods produced across the world in for 2022, the most recently available data on global manufacturing showed.
According to analysis of official data by the lobby group, Make UK, China is way way ahead of the United States of America which showed up in the second position with $2.7 trillion worth of manufacturing.
The combined manufacturing value of both China and the United States, according to the group, eclipses the combined output value from Russia, EU countries and the UK.
According to the rankings, American countries are overtaking core EU countries except Germany in industrial output. Mexico is in the seventh position with manufacturing worth of with an output of $316 billion ahead of Russia’s Russia $287 billion, Italy’s $283 billion and France’s $265 billion.
With an output of $259 billion per year, the UK is in a distant 12th position and out of contention among the top 10 global manufacturers into where emerging powerhouses like Taiwan have displaced traditional occupants.
Make UK noted that it would be the first time on record that Britain is not at the top 10 table in which it was placed fifth recently as 2000.
The group which sounded alarm over the falling manufacturing figures in the United Kingdom, pointed out that major industrialized economies around the world are pumping huge funding into manufacturing as the world repositions for new energy options.
It noted that economies such as such as China, the US and the European Union are all pumping tens of billions of dollars into such manufacturing strategies as part of a race for global production dominance.
Taiwan edged ahead of the UK on the back of its global dominance of chip manufacturing, which has soared in recent decades.
The 2022 ranking which is the most recently available underline the need for countries to revamp manufacturing and secure investment in future technologies including electric cars, batteries and wind turbines, as well as traditional areas such as steel.
