CARIFORUM and UK EPA Study

7.4 Sectoral analysis of the UK’s Global Trade in Services

Table 21: UK International Trade in Services (2019)

UK International Trade in Services (2019) - (£'s Millions )

Exports

Imports Trade Balance

Service Sectors

Manufacturing services on physical inputs owned by others

2,842 3,334

1,303 1,351

1,539 1,983

Maintenance and repair services

Transport

28,920 41,304

28,630 56,314

290

Travel

(15,010)

Construction

3,866

2,599 2,551

1,267

Insurance and pension services

19,943 59,210 16,689 21,381 111,021

17,392 41,138 10,348 36,670 4,149

Financial services

18,072 12,540 11,033 74,351

Charges for the use of intellectual property

Telecommunications, computer, and information services

Other business services

Personal, cultural, and recreational services Government goods and services n.i.e.

5,988

4,915

1,073

3176

3637

(461)

Total services

317,674

217,296

100,378

Source: UK ONS Data. Note: The data represents totals for Modes 1, 2 and 4.

The data provided by Table 21 above indicate that in 2019 the UK enjoyed a positive trade in services surplus across all sectors, with the exception of the Travel and Government Goods and Services sub-sector. Travel services were the second largest traded services behind Other Business services, with Transport services following in third place. However, Travel services exported to the UK alone accounted for the majority of the net outflows of revenue that it experienced in 2019, consuming in excess of £15 billion more than it supplied to the global market in that year. This assessment, however, provides only a static snapshot of the UK’s sectoral trade in services performance. On the other hand, the evidence provided by the UK’s sectoral trade in services data, by modes of supply, reveals both additional information about the areas in which there is significant potential for export intensification and expansion by the UK, as well as the variety of opportunities that might exist for foreign services providers to penetrate the UK’s services markets.

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