UK advertising exports jump to record-breaking £7.9bn
International trade in British advertising services jumped 15 per cent year on year to hit a record £7.9bn in 2018, new figures have revealed.
The sharp growth was significantly ahead of overall UK service exports, which rose by roughly two per cent, while the UK’s balance of payments surplus for advertising was Europe’s largest.
The rise means advertising has overtaken telecoms and engineering services to become the second largest services sector export behind computer sciences.
It marks the latest year of growth for the country’s vibrant ad industry, with exports rising more than threefold over the last decade, according to industry body the Advertising Association (AA).
Analysis by think tank Credos revealed £3.7bn of the total sum was exported to EU nations, accounting for 53 per cent.
But the US is the largest individual country for exports, with American companies purchasing £1.1bn worth of UK advertising services in 2018.
International trade minister Graham Stuart said the figures highlighted the “strength of the UK’s booming advertising sector and the global demand for our leading services industry”.
“My department is committed to securing free trade agreements that benefit exporters in every industry, nation and region of the UK,” he added.
Earlier this month the government launched a new campaign aimed at promoting the UK’s advertising industry after Brexit.
The UK Advertising Export Group, set up with the AA and other industry bodies, is tasked with boosting the profile of the ad sector and winning business in territories such as China, Japan, South Korea and the US.
“This new report demonstrates the continued strength of the UK as a global centre for advertising and marketing services,” said AA chief executive Stephen Woodford.
“To have jumped into second place as an export among comparable industries is a genuine demonstration of UK advertising’s strategic, creative and technological strengths. It is something we should be rightly proud of.”