Services sector exports record numbers, report shows

The UK services sector has experienced a record year, increasing exports to regions all around the world.

The report, published by the Department for International Trade (DIT), shows that services exports grew the most to the Americas, rising by 2.6 per cent to £74.6 billion in the year to Q3 2018.

Alongside the Americas, Asia saw strong growth of 1.9 per cent to £42.1 billion, followed by Europe (up 1.7 per cent to £149.4 billion) and Australasia & Oceania (Up 1.1 per cent to £7 billion).

The services sector includes retail, banks, hospitality, real estate, education, media and other recreational activities.

When looking at individual services, the financial sector outperformed in terms of growth, rising 3.9 per cent to £60.9 billion during the period recorded. The report notes that the US was the largest single country contributor to the increase, importing £14.5 billion worth of financial services from the UK.

In total, the services sector exported £281 billion worth of products in the year to November 2018, a rise of £2.1 billion compared to the year previous.

Commenting on the figures, International Trade Secretary, Liam Fox said the report shows how our “world-leading services sector” continues to play a key part in our position as one of the world’s largest exporters.

“British services, ranging from our renowned financial sector to its expertise in management consultancy are in demand all over the world, with the US alone importing over £62.7 billion worth of British services,” he said.

The report follows recent figures which show that the number of UK businesses trading abroad has increased by 6.6 per cent to 235,800.