Fresh data published by the Office for National Statistics (ONS) this week have revealed strong growth for UK service exports in the year to the second quarter (Q2) of 2018.
The figures, which were published on Wednesday 24 October, reveal that service exports were up by an impressive 6.9 per cent in the period studied, soaring to £286 billion.
Service exports to countries all over the globe increased by just shy of £19 billion, with notable increases in exports to key trading partners such as the USA, South Korea and Australia, the ONS said.
In total, service exports to non-EU nations increased by 4.5 per cent, rising to £167 billion. The USA remained Britain’s top destination, accounting for 20.6 per cent of all exports, while South Korea was named as one of the “fastest-growing” export destinations.
During the period studied, the figures reveal that the UK’s service surplus also reached a new high of £117 billion – an 11.3 per cent rise on figures recorded the previous year.
Dr Liam Fox MP, the International Trade Secretary, said: “Today’s trade figures show demand for UK services overseas continues to soar. Overall service exports have risen to £286 billion – up 6.9 per cent on this time last year, while the trade services surplus has also increased to £117 billion.”
He added: “There is a clear appetite for British services further afield, as the US and the Far East offer some of the greatest growth prospects of the 21st century.
“As we formulate an independent trade policy for the first time in more than four decades, my international economic department will continue to make sure British companies are not only seizing these opportunities, but also thriving from them.”
Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.