As part of this year's Export Month, UKAEG have released their Fourth Annual Export Report. It shares many interesting insights and important information including the very first data on how exports responded to the global Covid-19 lockdowns and Crowd has been featured.
The world was heavily affected by the pandemic with many industries in the UK struggling. However, the Export report revealed that in 2020, international trade in the UK advertising and market research services was worth £11.7bn, which has sustained at the same level since before the pandemic began in 2019.
With the difficulties of a global lockdown and the prohibition of face to face visits, UK exporters in the advertising industry were expected to be challenged but the balance of payments remained steady and still received excellent results, bringing the UK a stable £5 billion trade plus surplus.
Data has been collected from an analysis by the advertising industry think tank of data (Credos) from the Office for National Statistics (ONS). The data revealed the success of the Advertising and market research services has resulted in being in third place beside comparable industries in 2020, following after insurance and pension services and computer services.
The US remains the largest recipient of UK exports, receiving £1.2bn worth of advertising and market research services, followed by Spain and then Germany. “The advertising industry deserves recognition for its effort and hard work to maintain £11.7bn export revenue in 2020,” said Mike Freer MP, Minister for Exports, calling it a “tremendous performance during such a challenging period”.
Courtesy of the Advertising Association, you can download the full UK Advertising Export Report here (we're on page 33)
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