Exports of UK services are on the rise, having reached £158 billion in 2017, new data from the Office for National Statistics (ONS) has revealed.
According to the latest figures, UK services exports soared ahead of imports (which sat at just £78 billion in comparison), making for a healthy trade surplus last year.
The research also reveals that the European Union (EU) as a single market accounted for the largest share of imports and exports over the course of the year, accounting for 41.8 per cent of UK imports and 40.3 per cent of UK exports in the last three months.
However, the USA appears to be Britain’s largest export market on a country-by-country basis, followed closely by Ireland, Holland and Germany.
The USA accounted for an impressive £3.4 billion worth of UK service exports in the final quarter (Q4) of 2017, the data reveals.
When paired with the ONS’ up-to-date figures for the exports of goods, analysis reveals that UK exports in general enjoyed “healthy growth” throughout 2017, the media has been keen to note.
Total British exports increased from £39.3 billion to £43.3 billion in Q4 2017, for example, indicative of a 10.1 per cent quarter-on-quarter rise.