As reported by City AM, a boom in exports of professional services has played a major role in the increase, with the value of research, consulting and technical and trade services contributing £185bn to the numbers.
The UK ranked seventh in 2021, according to UNCTAD’s figures, and its progress up the rankings was welcomed by business and trade secretary Kemi Badenoch.
The Trade Minister said:
The UK ranked seventh in 2021, according to UNCTAD’s figures, and its progress up the rankings was welcomed by business and trade secretary Kemi Badenoch.
The Trade Minister said:
“These new figures show how the UK is punching above its weight on trade, and is on track to reach our ambition of exporting a trillion pounds of goods and services a year by 2030.
“The appetite for world-class UK produce continues to grow and this government will keep supporting our brilliant businesses, helping to create more jobs, pay higher wages and grow the economy.”
The latest figures also indicate an increase in the value of travel services, with exports reaching £59bn, positioning the UK as the third-largest exporter in the sector globally in 2023. Additionally, exports of telecoms and computer services reached £40bn.
The latest figures also indicate an increase in the value of travel services, with exports reaching £59bn, positioning the UK as the third-largest exporter in the sector globally in 2023. Additionally, exports of telecoms and computer services reached £40bn.