- New ONS statistics show UK services exports reach record
highs of almost £400 billion in 2022
- New figures coincide with Business and Trade Secretary’s
visit to Mexico, where she is progressing a modern, new UK-Mexico
deal to boost UK services exports further, and promoting the UK’s
accession to CPTPP
- Badenoch: “This cements the UK’s position as a global
services superpower”
Business and Trade Secretary has welcomed new figures
showing UK services exports reached record highs, adding that
they ‘cement the UK’s position as a global services superpower’.
The trade data released by the Office for National Statistics
today (Friday 10th February) shows that UK services
exports reached record highs in 2022, totalling £397 billion.
In current prices, it means an increase of 20% compared to 2021,
and up 23% on exports in 2018.
The UK is the second biggest services exporter in the world –
behind only the US, and the services sector contributes around
80% of the UK’s GDP. Today’s results show the UK is contributing
to a growing global sector, with service sectors across the world
expected to account for 28% of global trade by 2030 - up from 25%
in 2019.
The Business and Trade Secretary welcomed the news on day two of
her visit to Mexico, where she is using high level talks with
Mexican cabinet counterparts to secure benefits for thousands of
UK firms by locking in expansive services provisions as part of a
new, modern UK-Mexico trade deal.
Alongside an upgraded bilateral deal, the Business and Trade
Secretary is in Mexico to promote the UK’s accession to the
Comprehensive and Progressive Agreement for Trans-Pacific
Partnership (CPTPP), of which Mexico is a member.
Joining CPTPP will secure enhanced market access, predictability,
and transparency for UK service suppliers who exported £30bn
worth of services to CPTPP countries in 2021. Modern trade
agreements like CPTPP, that set ambitious rules for trade in
services between members, are vital for UK companies looking to
maximise opportunities to grow their businesses across both sides
of the Pacific.
Business and Trade Secretary said:
“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.”
Latest figures show the UK exports over £1bn worth of services to
Mexico, a 30% increase in current prices on the previous year. A
more modern, forward looking ‘Mexico 2.0’ deal could boost this
even further, unlocking export opportunities for SMEs and the
UK’s digital and services industries.
UK businesses who would benefit from modernised services rules
between both countries range from British bank HSBC, currently
the fifth largest bank in Mexico, to Pearson Education, whose
products and services include world-renowned academic
qualifications, digital content, assessments and data.
Notes to editors:
Several sectors have contributed to today’s figures, including
travel and professional business services, which include
professional and management consulting services such as legal,
architectural and research and development services. With
62% of UK professional business services jobs and 59% of
businesses located outside of London and the South East, the
services sector has maintained its position as a key contributor
to Levelling Up and to future regional economic development.
References
- ONS UK trade (December 2022)
- ONS UK total trade: all countries, seasonally adjusted (Q3
2022 edition)
- DIT Global Trade Outlook – September 2021 report
- Bridging Global Infrastructure Gaps, McKinsey Global
Institute - June 2016
-
https://www.innovatefinance.com/capital/a-record-breaking-year-in-fintech/
- ONS Business Register and Employment Survey 2021
- ONS UK business: activity, size and location 2022
