Recent ONS data has revealed that UK service exports to the world rose by almost £19 billion – an increase of 6.9% compared to the same time last year.
Figures also reflect an increase in exports to important trading partners including USA, Australia and South Korea.
Other findings show that service exports to Non-EU countries have increased by 4.5% to £167 billion, with a fast-growing contributor being South Korea where the total value of exports in services increased to £2.4 billion.
However, the USA remains the UK’s top services destination, with exports increasing to £59 billion, accounting for 20.6% of total exports.
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Email JaimeInternational Trade Secretary Dr Liam Fox MP, 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.”
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