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Britain's Post-Brexit Trade Shifts Further Towards Services

Geoff Riley

23rd April 2024

Is Brexit accelerating the shift in UK trade towards services rather than goods? New data published by the ONS on UK trade shows that UK export growth has become increasingly dominated by services since 2010, with goods exports increasing by just 7% in real terms, compared with services exports growing by 63% over the same period. The UK trade balance measured as a percentage of GDP has widened by 2% since 2010. The UK remains the second largest exporter of services in the world (behind only the USA) - services exports accounted for about 16 per cent of the UK economy, compared with 3.6 per cent for the USA.

Read more here from the Financial Times: UK exports of services have grown 9 times faster than goods since 2010

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