Minister for sports, Mike Freer MP, commented on this being a, “Tremendous performance during such a challenging period.”
The Advertising Association’s UK Advertising Exports Report 2022 states that international trade of UK’s advertising and market research services were valued at £11.7 billion in 2020, matching pre-pandemic levels. Leading at the top, at £20.7 billion, were insurance and pension services, followed by computer services at £12.9 billion, as per Credos’ analysis of data by Office for National Statistics.
Further, a £5 billion trade surplus (UK) was reported, even with COVID-19 disrupting timely payments. The US continues to be the top buyer of UK advertising and market research services at £1.2 billion followed by Spain at £895 million.
Also, the US leads the way in advertising service exports with nearly $22 billion, followed by the UK at $13.6 billion, as per OECD data. In an Export Group review, the Advertising Association notes various worldwide barriers for consolidation, including the impact of the lockdown, Brexit, the expansion of ecommerce, and overseas trade prospects. Freer added, "The advertising industry deserves recognition for its effort and hard work to maintain £11.7bn export revenue in 2020."
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