Department for International Trade
Latest ONS figures show exports in services continue to grow
Figures released yesterday (24 October 2018) show services exports grew to £286 billion, increasing by 6.9% compared to the same time last year.
Office for National Statistics (ONS) figures show demand for British services continues to grow, as exports swelled to £286 billion in the year to 2018 Q2.
The data indicates UK service exports to the world rose by almost £19 billion – an increase of 6.9% compared to the same time last year.
Figures released yesterday (24 October 2018) reflect an increase in exports to important trading partners including USA, Australia and South Korea.
The latest services surplus in the year to 2018 Q2 has also reached a new high, increasing to £117 billion – up 11.3% on last year. Other main points from yesterday’s release include:
- Service exports to Non-EU countries have increased by 4.5% to £167 billion. A fast-growing contributor was South Korea where the total value of exports in services increased to £2.4 billion.
- The USA remains the UK’s top services destination, with exports increasing to £59 billion, accounting for 20.6% of total exports.
International Trade Secretary Dr Liam Fox MP yesterday said:
Today’s trade figures show demand for UK services overseas continues to soar. Overall services exports have risen to £286 billion – up 6.9% on this time last year, while the trade services surplus has also increased to £117 billion.
There is clear appetite for British services further afield, as the US and 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 4 decades, my international economic department will continue to make sure British companies are not only seizing these opportunities, but also thriving from them.
The news comes after the launch of the government’s Export Strategy, which sets out a new ambition to increase exports as a proportion of UK GDP to 35%, making the UK one of the G7’s most successful exporters.
Latest News from
Department for International Trade
Liam Fox: On the future of Europe13/11/2018 15:38:00
Speech by the International Trade Secretary at a forum On the Future of Europe jointly held by Citi and the Financial Times on Tuesday (13 November).
British firms secure £2 billion of deals at Expo in Shanghai13/11/2018 12:10:00
The China International Import Expo saw the UK delegation, led by Dr Liam Fox, secure commercial deals across a range of sectors.
£109 million investment to create 359 jobs12/11/2018 16:20:00
Hundreds of high-tech jobs created from overseas investment into the UK’s thriving FinTech, information technology and advanced engineering sectors.
DIT supports Plymouth firm producing 2.6 billion products a year12/11/2018 13:42:00
Minister for Export Promotion, Baroness Fairhead, celebrated the international success of life sciences company, Becton Dickinson (BD).
Fifth Meeting of the UK-US Trade and Investment Working Group12/11/2018 10:10:10
Joint statement from the fifth meeting of the UK-US Trade and Investment Working Group.
AI company secures £29.5 million investment for UK expansion06/11/2018 16:30:00
Global venture capitalists, Lakestar, Jungle Ventures & Softbank’s DeepCore, today announced that they will invest £29.5 million in London-based Engineer.ai.
UK leading Europe for FDI as Fox hunts future investors in China05/11/2018 16:43:00
50 UK businesses showcase at the China International Import Expo, as a new report ranks the UK as the 2nd top destination in the world for investment.
UKEF services help hundreds of businesses every year05/11/2018 12:10:00
Minister for Trade and Export Promotion, Baroness Fairhead, recently (02 November 2018) wrote for The Times Red Box on how UKEF backs British business and supports UK exports.