The UK’s marketing and advertising services sector has recorded its highest year-on-year growth for exports, up 32.5% to £15bn.
According to data from the Office for National Statistics (ONS), the growth means that the export value has returned to pre-Covid trajectory, making the UK sector second only to the USA for global exports.
At the same time, there has been a sharp increase in UK imports, which are valued at £12bn, a 70% increase from 2020’s £7bn.
“It is terrific to see such strong growth figures from the UK’s world-leading advertising and marketing services, showing the innovative way our industry has responded to the challenges posed by the pandemic,” stated Stephen Woodford, CEO, Advertising Association.
“We prepare now to support the next decade of UK advertising growth, through our productive partnership between the industry, through the UK Advertising Exports Group, and the Department for Business and Trade. As the UK Government sets out its ambitions to become a science and technological superpower, we should not forget the UK is already a creative superpower and our recent success at SXSW demonstrates how our industry can continue to play a key part in UK export growth.”
The most important export sector for UK marketing and advertising is the US, which acquired £3.9bn of services – that’s tripled since 2020. Germany is next at £1.36bn, followed by Ireland in third place (£894 million). The top 10 are mostly EU countries, apart from Australia, which was 7th, receiving exports worth £538m.