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UK service exports reach record levels


New data from the Office for National Statistics has found UK service exports have grown to their highest-ever levels. 

Sales grew by 20% compared to 2021 – and up 23% against 2018 – to £400 billion last year. 

The UK sits behind only the US as the biggest services exporter globally with the sector contributing some 80% to the UK’s total GDP. 

Business and Trade Secretary Kemi Badenoch said of the latest figures that: “These new figures are a trade success story and cement the UK’s position as a global services superpower.

“Services are the lifeblood of our economy, employing over 8 in 10 of our workforce. To see services trade reaching these heights is a firm reminder of the resilience of our strong services economy and shows significant progress in our race to export over a trillion pounds of British goods and services a year by 2030.

“I’ll be using my talks with Mexican politicians and UK businesses operating in Mexico to make the case for a revamped UK-Mexico trade deal which will significantly increase export opportunities, and boost jobs around the UK.”

Read more: New Northern Ireland Protocol could unlock US trade deal

The new Windsor Framework agreed between UK Prime Minister Rishi Sunak and President of the European Commission Ursula von der Leyen could open even more avenues for UK firms to prosper. 

The new policy for managing trade between the UK and NI, and then NI to the EU, could unlock negotiations with the US over a mega trade deal. Meanwhile, threats to the Good Friday Agreement had put the brakes on the UK’s efforts to join the CPTPP trading bloc, something which now looks more likely.

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